Competitive free market capitalism: a. features compensation to productive resources in excess of their opportunity cost levels.
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Question:
a. features compensation to productive resources in excess of their opportunity cost levels.
b. focuses on efficiency in terms of providing the most goods and services to consumers at the lowest price and equity in providing opportunity cost levels of compensation to the productive resources (labor, capital, entrepreneurship, and land) and no more.
c. enables firms to restrict supply and raise prices at will.
d. harms consumers more in terms of a tendency toward higher prices and benefits productive resources by paying them in excess of their opportunity costs.
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Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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