Answered: To what extent are free markets morally…

To what extent are free markets morally justified? In your answer, you may want to be clear about the difference between the welfare-based and freedom-based arguments in support of free markets

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section: Chapter Questions

Problem 20AA

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To what extent are free markets morally justified? In your answer, you may want to be clear about the difference between the welfare-based and freedom-based arguments in support of free markets

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You and other college students are deciding whether to major in music or engineering. You learn that there is a shortage of engineers, making it easy for engineering graduates to find employment, while there is a glut of musicians for whom finding a job is difficult. As a result, you and many other college students decide to major in engineering. Which economic principle does this illustrate? a) Markets tend to move towards equilibrium as individuals respond to incentives. b) Government intervention can improve efficiency when there is a market failure. c) Changes in incentives are unlikely to change the decisions people make. d) Individuals do not normally take into account the decisions of other individuals.
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