This is a history of economic thoughts question1 Contemporary microeconomics has its roots in Adam Smith's "theory of the freemarket"(a) Identify and discuss the key assumptions of this theory(b) Identify and discuss the main predictions of this theory and examine theirpolicy implications.(c) Identify and examine the two main circumstances under which the theory'spredictions fail to hold(d) Demonstrate how post-Smithlan developments in microeconomics haveresolved the problems posed in (c) above

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Answered: (a) Identify and discuss the key…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter1: The Role And Method Of Economics

Section: Chapter Questions

Problem 3P

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(a) Identify and discuss the key assumptlons of this theory (b) Identify and discuss the maln predictions of this theory and examine their policy implications. (c) Identify and examine the two main circumstances under which the theory's predictions fall to hold