Which of the following is least consistent with the pure market economy?
A)An established legal system that arbitrates contract disputes
B)An individual accepting a job for $1 per hour
C)The institution of private property rights
D)The existence of a minimum wage
E)Private property rights

Question

Quizplus · Accepted Answer

The existence of a minimum wage is least consistent with a pure market economy, which operates on the principle of supply and demand determining the price of goods and services. A minimum wage interferes with this principle by imposing a floor on the price of labor. The other options (A, B, C, and E) are consistent with a pure market economy as they relate to the rule of law, individual choices, and private property rights.

Which of the Following Is Least Consistent with the Pure