Markets fail, so there could not be a total reliance on the market forces. The government has to intervene, which gives rise to what i0s referred to as a --------------------- economy

Q: Can markets generally be counted on to achieve desirable outcomes and adjust quickly and…

A: The free flow of forces in a market can lead to market failures that must be handled.

Q: According to the invisible hand principle, competitive markets generally O bring the self-interest…

A: Competitive market: - it is a market condition where there are many buyers and many sellers in the…

Q: _______ What term implies that there shall be no government interference in the economy?a. market…

A: Types of Economies:- 1) Market Economy:- Under market economy, all the decision related to…

Q: Explain why many argue the use of “market” prices will NOT necessarily enable the economy to operate…

A: A production possibilities curve is a graphical portrayal of the combinations of services and goods…

Q: discuss and analyze a current event in economics.

A: Economics is the study of the scarcity of resources and unlimited wants. The unlimited wants can be…

Q: What are the types of market failures in an economy? and gave two examples of each.

A: Market failure occurs when the price system in the economy fails to factor in all the economic…

Q: A __________ system is a method of making economic decisions that allows individuals and firms to…

A: In an economy, differ forms of markets are operated under different economic or market system.

Q: According to the Textbook, government price control fail because: a. bureaucrats lack accurate…

A: Price controls refer to the control on prices of goods and services by the government to support…

Q: a justification for government intervention in the economy arises from the fact that market systems…

A: Government intervention: Government intercession is any activity done by the public authority or…

Q: Which of the following statements about free-market economies is FALSE? a. The government has a role…

A: Equilibrium in the free market is determined by the market forces of demand and supply.

Q: Which of the following statements are true?     a) Economists call the farm price support system…

A: Lump of Labor Fallacy: This was the mistaken belief that in an economy there is a fixed number of…

Q: You have learned that the Law of Supply and Demand determines prices in a free-market system. Using…

A: Supply and demand is one among the foremost basic and fundamental concepts of economics and of a…

Q: Use the theories of market failure and government intervention to explain the reasons for this

A: The coffee companies are hiding the fact of negative externalities that are being caused by the…

Q: Watching movies with particular kinds of content (e.g. violence, coarse language, crime, sexual…

A: Watching movies that have a negative effect on audiences is a typical case of negative externality,…

Q: Bakers are much    likely to supply pastries to the market if property rights are not enforced.…

A: In economics, the term property right is one of the theoretically social-enforced concepts where…

Q: What are the different effects of MARKET FAILURE on humans, society, and the economy? Give at least…

A: defination: Market failure happens when the value component neglects to represent the entirety of…

Q: Because people respond to incentives,a. policymakers can alter outcomes by changingpunishments or…

A: Decision making in economics is an essential component as it reflects the behavior of the economic…

Q: The role of government in a market economy would include all of the following except making and…

A: A market economy is a form of economic system where demand (DD) and supply (SS), rather than…

Q: John Maynard Keynes

A: John Maynard Keynes is the father of Keynesian economics. He gave the short-run mechanism of…

Q: In Germany in 2009 there was considerable debate about the extent to which the government should be…

A: 1.In 2009, when Germany was facing a recession, the government had to intervene in order to take the…

Q: Market competition ends when there is no buyer-versus-buyer competition and no seller-versus-seller…

A: Microeconomics studies the economic behavior of individual units such as a firm, a market, a…

Q: Is “fairness” the economic basis for government laws and regulations designed to remedy market…

A: Market Failure: The market failure is a situation when the price mechanism leads to an inefficient…

Q: true or false free market economies are generally considered to be efficient and fair

A: # Free market economies are totally driven by the market forces of demand and supply.

Q: Modified True or False: State whether each statement is true or false. If the statement is false,…

A: A freely functioning market is the place where people interact with each other without any…

Q: Social Darwinists had a different take on the utilitarian justification for free markets. They…

A: Economic competition refers to the situation where the firms are seeking for obtaining shares of…

Q: The private market for education can be considered a market failure because it leads to a price of…

A: Externality refers to the effect of consumption or production of a good on the third party. There…

Q: List the characteristics of the four different types of market structures and give an example of…

A: Answer: Market structure can be divided majorly into four categories, it includes, perfect market,…

Q: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…

A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…

Q: What kinds of inequalities we are facing in "free market" according to Milton Friedman?

A: Free market also known as capitalism where economic decision is taken by the market forces with…

Q: . _______ What term implies that there shall be no government interference in the economy?a. market…

A: The term Laissez-Faire was originated in France by a group of Physician, who called themselves as…

Q: ost correct answer to the following questions/phrases. Only umber and the letter of your answer. nd…

A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…

Q: Capitalism

A: ‘Socialism’ and ‘capitalism’ are the two most important types of economy prevailing in our world…

Q: Consider mainstream and alternative approach of studying economics: Both share the idea that a.…

A: Economics: It is the study of allocating resources for making choices.

Q: Why does the government answers the basic questions in mixed market economics

A: A system of economy which is a blend of capitalist and socialist system of economy is called mixed…

Q: why many argue the use of “market” prices will NOT necessarily enable the economy to operate at its…

A: Production frontier: PPF is a bend that delineates or shows the varieties in the sums that can be…

Q: two main causes of market failure and give an example of each

A: Market failure- It is the inefficient distribution in the free market of goods and services. It…

Q: U.S. agriculture subsidies make food look artificially inexpensive to consumers. So, these…

A: Agriculture subsidies is one of the most important way, the government intervenes the market and…

Q: n

A: Market intervention is basically intervening into the market in order to protect the producers of…

Q: Which of the below statements BEST captures the gist of chapter 8, "Power of Organized Interests,"…

A: The summary of Chapter - 8 is as follows : 1. It is advantageous to be small in interest group…

Q: what is Adam's smith theory on The Invisible hand of a Market Economy

A: In economics, Adam Smith gave his significant contribution to understand the concept of market and…

Q: In planned economic systems, government agencies control both supply and price of the products.…

A: In planned economic systems, government agencies control both supply and price of the products. This…

Q: Market mechanism in economics

A: When it comes to some private commodities, government intervention in the market process might…

Q: Which of the following statements are true? a.Markets are forums in which parties exchange goods…

A: Market: The market is a physical or virtual place where the exchange of goods against money takes…

Q: In Germany in 2009 there was considerable debate about the extent to which the government should be…

A: Government intervention refers to the act of the government regulating the economy or markets and…

Q: In a market economy, what is the central coordinating mechanism? How does a market economy solve the…

A: Hey, thank you for the questions but according to our policy we answer only one question per…

Q: The main criticism of a market economy is a. Concentration of wealth in a small percentage of the…

A: The market economy is an economic system where resources are own and controlled by the private…