about what goods should be produced by: tal factors of production needed to make unlimited resources to fulfill their wants. ted resources to meet citizens' wants and hat all entrepreneurs make a profit.

Q: List the first eight assumptions of the free market.

A: endsourceThe assumptions of the free market can vary depending on the source, but here are eight…

Q: In our mixed economic system, who really decides prices? Producers or Consumers? In answering this…

A: An economic system known as a mixed economy combines aspects of free market capitalism with…

Q: This proves that, as the price of a good rises, producer will want to supply more because (if they…

A: A supply curve is a graphical representation of the relationship between the quantity of a good or…

Q: In economics, what is a "constraint"?

A: Any limitation or restriction that makes it more difficult for people, businesses, or the economy as…

Q: If people can't afford the equilibrium price for a good, would it be a good idea for the government…

A: Before deciding whether government intervention is fair or not we first need to think about what…

Q: Define the principles essential for understanding the economizing problem, demand and supply, and…

A: Demand and supply are the essential elements of the market economy. Following principles are…

Q: Economist Adam Smith referred to "the invisible hand" of the market, but that invisible hand is…

A: Economist Adam smith was a classical economist who promoted free market economy in the world and the…

Q: Which of the following statements is considered a market-value definition? a) We make railroads. b)…

A: Answer:-    Market value definition is all about the value that a particular product or service is…

Q: Of the statements below only ONE is not a characteristic of a market economy (as stated in the…

A: An economic system is a way for governments or communities to distribute and organise resources,…

Q: hy is rice so cheap and truffles so expensive?

A: Answer Rice is therefore low-cost and truffles area unit therefore pricy as a result of D. folks eat…

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: Which arrow reflects the tuition that Andrea pays for this Which arrow reflects the money that a…

A: The circular flow of income is a model to understand the flow of income and factors of production…