Explain the term “laissez faire capitalism.”
Please provide the best answer for the statement.
Pure capitalism is sometimes called “laissez faire” capitalism which is a French term for “let it be.” In pure capitalism the government’s role is limited to protecting private property and establishing the legal framework for free enterprise and free markets to function.
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Refer to the table above. Which of the following statements is true of the monopolist's marginal revenue?
A) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue decreases. B) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue increases. C) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue first increases then decreases. D) As the monopolist reduces the price of its product from $9 to $3, the marginal revenue first decreases then increases.
When firms benefit from the results of research and development they didn't pay for, we say firms
A) maintain a level playing field. B) free ride. C) are litigious. D) invest in knowledge capital.
Economic profits and losses are true market signals because they
A) convey information in an asymmetrical fashion. B) convey information about rewards people should anticipate experiencing by shifting resources from one activity to another. C) convey information to public officials about where to encourage people to invest and what skills people should develop. D) cause people to move into careers in both undesirable and desirable industries with equal ease.
An economy's PPC illustrates the extent to which the economy consumes what it produces
a. True b. False Indicate whether the statement is true or false