Perfectly competitive markets incorporate forces that inevitably drives byers and sellers towards the point of equilibrium. Which of the below moral values is not achieved? a) lead buyers and sellers to exchange their goods in a just way, b) maximise the seller's profits, c) maximise the utility of the buyers and sellers, d) bring about the acheivements in a way that respect buyers and sellers
Perfectly competitive markets incorporate forces that inevitably drives byers and sellers towards the point of equilibrium. Which of the below moral values is not achieved? a) lead buyers and sellers to exchange their goods in a just way, b) maximise the seller's profits, c) maximise the utility of the buyers and sellers, d) bring about the acheivements in a way that respect buyers and sellers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
a) lead buyers and sellers to exchange their goods in a just way,
b) maximise the seller's profits,
c) maximise the utility of the buyers and sellers,
d) bring about the acheivements in a way that respect buyers and sellers
Expert Solution
Step 1
In perfectly competitive market, the free market forces of demand and supply determine the price and quantity.
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