homework micro.docx - Word (Error de activación de productos)ARCHIVOINICIOINSERTARDISEÑODISEÑO DE PÁGINACORRESPONDENCIADiana Arenas -REFERENCIASREVISARVISTAX CortarA Buscar --|11 - ACalibri (Cuerpo)AAar AAаBЬСcDd AaBЬСcDd AaBbС AаBbСcС Аав АавЬСсDabCopiarSac Reemplazar1 Normal1 Sin espa.Título 1Título 2PuestoSubtítuloPegarN KabeX,x²A - aly .ACopiar formatoSeleccionar -PortapapelesFuentePárrafoEstilosEdición21. Laissez-faire is a policy that espouses central planning. True or false22. If MU=MC=P, and economist van judge with certainty that the distribution of output isA. EqualB. efficientC. FairD. Unbiased23. If arrival and departure delays are frequent early in the morning and late afternoons, but there areno delays during the evening hours, we can conclude that the airport authorityA. Charges high landing fees at common departure and arrival timesB. Should reduce the number of flights during the busy timesC. is concerned about the delay timesD. Is charging uniform landing fees throughout the day24. In a free market, a given unit of an input will be use by the firm that.A. Earns the largest addition to total profit from the use of that unit of inputB. has the lowest marginal cost of producing another unit of output.C. earns the largest total profitD. Sells its output for the highest pricePÁGINA 3 DE 3INGLÉS (ESTADOS UNIDOS)+843 PALABRAS113%11:05 AMO Type here to search11/17/202010 homework micro.docx - Word (Error de activación de productos)ARCHIVOINICIOINSERTARDISEÑODISEÑO DE PÁGINADiana Arenas -REFERENCIASCORRESPONDENCIAREVISARVISTAX CortarA Buscar -- |11 - ACalibri (Cuerpo)AAar AAaBbCcDd AaBbCcDd AaBbC AaBbCcC AABI AaBbCcDabCopiarSac Reemplazar1 Normal1 Sin espa.Título 1Título 2PuestoSubtítuloPegarN Kx²A -aby . AabeX,Copiar formatoSeleccionar -PortapapelesFuentePárrafoEstilosEdiciónC. earns the largest total profitD. Sells its output for the highest price25. Price discrimination leads to higher price for all consumers. True or false26. The price system takes into account consumer preferences in the discrimination of goods andservices. True or false27. A monopolist's total profit is shown by the difference between price and average cost per unit timesthe number of units sold. True or false28. Perfect competition requires that tree conditions be satisfied. True or false29. Pure monopoly is able to exist the firm's product is better that the substitutes that are available inthe market. True or false30. In the long run, any firm may enter or leave a perfectly competitive market. True or falsePÁGINA 3 DE 3INGLÉS (ESTADOS UNIDOS)+843 PALABRAS113%11:05 AMO Type here to search11/17/202010

The term laissez-faire was given by the Physiocrats of France in the 18th century. The theory of laissez-faire is based on free-market capitalism. The theory restricts the intervention of the government in the economy. It states that the economy is the strongest when the government only protects the rights of the individuals. So the theory believes that there is no requirement of government intervention and the market should be free to adjust by themselves. The law of demand and supply will efficiently direct the production of services and goods without the support of the government. The role of government should be restricted to protect the rights of individuals and to prevent them from any coercion. On the contrary, Central planning which is also known as a communist economy or command economy is the one where decisions are made by the government. The idea of central planning was given by Karl Marx. All the decisions related to what to produce, whom to produce, and how to produce are made by the central government itself in a centrally managed way. As per the theory of central planning, the government takes ownership of all the factors of production and run the economy for the sake of worker’s interest. The central planning can overcome market failure and can also achieve efficient and equal distribution. The given statement is false as both laissez-faire and central planning are contrary to each other whereas according to the statement laissez-faire policy leads to central planning. Therefore, the statement is false.

Answered: 21. Laissez-faire is a policy that…

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21. Laissez-faire is a policy that espouses central planning. True or false

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Question

homework micro.docx - Word (Error de activación de productos)
ARCHIVO
INICIO
INSERTAR
DISEÑO
DISEÑO DE PÁGINA
CORRESPONDENCIA
Diana Arenas -
REFERENCIAS
REVISAR
VISTA
X Cortar
A Buscar -
-|11 - A
Calibri (Cuerpo)
A
Aar A
AаBЬСcDd AaBЬСcDd AaBbС AаBbСcС Аав АавЬСсD
ab
Copiar
Sac Reemplazar
1 Normal
1 Sin espa.
Título 1
Título 2
Puesto
Subtítulo
Pegar
N K
abe
X,
x²
A - aly .
A
Copiar formato
Seleccionar -
Portapapeles
Fuente
Párrafo
Estilos
Edición
21. Laissez-faire is a policy that espouses central planning. True or false
22. If MU=MC=P, and economist van judge with certainty that the distribution of output is
A. Equal
B. efficient
C. Fair
D. Unbiased
23. If arrival and departure delays are frequent early in the morning and late afternoons, but there are
no delays during the evening hours, we can conclude that the airport authority
A. Charges high landing fees at common departure and arrival times
B. Should reduce the number of flights during the busy times
C. is concerned about the delay times
D. Is charging uniform landing fees throughout the day
24. In a free market, a given unit of an input will be use by the firm that.
A. Earns the largest addition to total profit from the use of that unit of input
B. has the lowest marginal cost of producing another unit of output.
C. earns the largest total profit
D. Sells its output for the highest price
PÁGINA 3 DE 3
INGLÉS (ESTADOS UNIDOS)
+
843 PALABRAS
113%
11:05 AM
O Type here to search
11/17/2020
10

homework micro.docx - Word (Error de activación de productos)
ARCHIVO
INICIO
INSERTAR
DISEÑO
DISEÑO DE PÁGINA
Diana Arenas -
REFERENCIAS
CORRESPONDENCIA
REVISAR
VISTA
X Cortar
A Buscar -
- |11 - A
Calibri (Cuerpo)
A
Aar A
AaBbCcDd AaBbCcDd AaBbC AaBbCcC AABI AaBbCcD
ab
Copiar
Sac Reemplazar
1 Normal
1 Sin espa.
Título 1
Título 2
Puesto
Subtítulo
Pegar
N K
x²
A -
aby . A
abe
X,
Copiar formato
Seleccionar -
Portapapeles
Fuente
Párrafo
Estilos
Edición
C. earns the largest total profit
D. Sells its output for the highest price
25. Price discrimination leads to higher price for all consumers. True or false
26. The price system takes into account consumer preferences in the discrimination of goods and
services. True or false
27. A monopolist's total profit is shown by the difference between price and average cost per unit times
the number of units sold. True or false
28. Perfect competition requires that tree conditions be satisfied. True or false
29. Pure monopoly is able to exist the firm's product is better that the substitutes that are available in
the market. True or false
30. In the long run, any firm may enter or leave a perfectly competitive market. True or false
PÁGINA 3 DE 3
INGLÉS (ESTADOS UNIDOS)
+
843 PALABRAS
113%
11:05 AM
O Type here to search
11/17/2020
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