As I understand it, Laissez-faire ideology maintains that the "free market" is the best way to determine what businesses can and should do. This means that businesses, in competition with one another, should be free to determine their paths free from any government rules or regulations. The belief is that the competition among various businesses will ultimately result in the best outcomes for society in general - Adam Smith's "invisible hand". As part of this philosophy, workers should also be free to compete with each other and choose to work wherever they wish and this process will also result in the best results for the workers as well.
However, isn't there a huge assumption in this philosophy? Doesn't the whole justification of this belief depends on the condition that there is perfect competition and that any company and any worker have the equal ability to compete with one another?
What if there is no perfect competition? What if some companies have advantages - due to any of a whole array of reasons - that place them in a non-competitive position vis a vis their competitors? Without perfect competition then other companies are not necessarily able to compete with other companies that have certain advantages. If such a situation exists, then advantaged companies may have the ability to pursue a course that results in their private benefit, but not necessarily to the benefit of society as a whole. The same would apply to workers in that reduced competition among companies would result in decreased leverage for potential employees.
To recap, if the Laissez-faire ideology maintains the best economic policy for society as a whole, and it depends on there being perfect competition on an ongoing basis with minimal government intervention, doesn't it fall apart if there is less than the perfect competition?
The correct answer would be D. 0.0005 because the difference between 0.0991 and 0.0005 is the largest of all stated answer choices.
It's a business going on in somebody home
Answer: With the entry of the United States into the war.
Explanation:
Before the United States entered World War I, the German-led Axis powers were in the lead. Russia was on its knees due to industrial underdevelopment had major problems in the military. Germany was more technologically advanced than France and Britain, which had a lot of problems. The United States' entry into the war changed the balance of power in favor of the Entente. The United States enters the war after Germany violated the agreement on neutrality with the United States, sinking some American ships. The United States was afraid that Britain and France would not repay America's debt because they were buying huge quantities of weapons.
