Which of the following directly impacts the range of products and prices in the free market system? a) New product development plans (b) Government pricing policies C) The constant interaction between buyers and sellers d) Corporate
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- You are the economic advisor of Country X. The president of Country X wants to adopt the free market economic system and has come to you for advice. The price of rice has been increasing rapidly in Country X. Discuss all the possible ways Country X can tackle (manage) the problem of increasing price of rice. No need to draw diagrams in this answer.Step 1 In the free market, the equilibrium quantity and demand is determined by the forces of demand curve and supply curve. Demand is the want of consumer backed by the purchasing power. The demand is downward sloping due to negative relationship between price and quantity demanded, other things being constant. Supply is the quantity seller is willing to sell in the market at the given price level. The supply curve is upward sloping due to positive relationship between the price and quantity supplied, other things being constant. Step 2 From the given data, plot the demand and supply on graph representing quantity on the horizontal axis and the price on the vertical axis as shown in figure below: The downward sloping demand curve intersects the upward sloping supply curve at point E corresponding to which price is $5 and quantity is 12 units. b. Subsidies is the negative tax, that is, it is given by the government to the citizens in exchange of production or consumption.…Two major virtues of the market system are that it: allocates resources efficiently and allows economic freedom. results in an equitable personal distribution of income and always maintains full employment. results in price level stability and a fair personal distribution of income. eliminates discrimination and minimizes environmental pollution.
- The role of government in a market economy would include all of the following exceptmaking and enforcing laws.collecting taxes.extensive ownership of productive resources.providing services such as national defense.All of the following statements about agriculture in commercial economic systems are true EXCEPT that it is characterized by machinery. in response to low farm prices and crop surpluses, it is being replaced by midlatitude intensive subsistence farming. fruits, vegetables and dairy products are examples of intensive commercial agricultural products. it involves intensive land use near markets and extensive land use at more distant locations.Q: determine whether the following statements are true or false: a) In the economic model of the circulation of goods (services) and resources, households make demand on resources. b) In the modern market economy, workers, despite the constant increase in incomes, may still be alienated from the means of production. c) Economic relations in the production process do not depend on the form of ownership.
- What are the advantages of a market economy as compared to a command economyAs of April 2022, Apple's iOS and Android combined market share in mobile operating system is 99.6% worldwide. Explain how this could happened in a free market world using concepts you have learned in microeconomicsWhich of these statements does not apply to market economies? Select one: a. Prices influence how much of a good buyers choose to purchase and how much sellers choose to produce. b.Prices guide economic decisions and thereby allocate scarce resources. c.Prices ensure that quantity supplied and quantity demanded are in balance. d.Prices ensure that anyone who wants a product can get it.
- Demonstrate a willingness to critically assess the impact of economic policies on economic efficiency within the confines of a market systemDecide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.Smith points out the possibility of producers contriving to raise prices. Are there other problems with the free-market system that he did not point out?