Governmental non-interference in commerce is called ?
Correct answer: B. Laissez faire also Laisser faire
- A. Free market economy
- B. Laissez faire also Laisser faire
- C. Open market economy
- D. Liberal market economy
Explanation
Laissez-faire means allowing private commerce to operate with little or no government interference. The other options describe broader types of market systems rather than the specific policy of non-intervention.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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