Markets are essentially led by? (Check all that apply) Government planners. Consumers and producers acting in...

Markets are essentially led by? (Check all that apply)

Government planners.

Consumers and producers acting in concert

Wall Street

An invisible hand

Markets are? (check all that apply)

		A spontaneous configuration of the human energies of millions of people with various skills and talents.
		The result of companies producing products.
		Best designed by government
		The result of consumers demanding products.

Expert Solution

Q. 1 Markets are essentially led by:

Correct choices:

Consumers and producers acting in concert
An invisible hand

A market is, by definition, a place where buyers and sellers can meet and transact. It may be physical or online in nature. The concerted effort of both are needed.

The invisible hand refers to the self-interest maximizing behavior by economic agents. This is the driving force of the market. It ensures the proper functioning of the market.

Markets are neither led by Wall Street, nor the government.

--

Q. 2 Markets are:

Correct choice:

A spontaneous configuration of the human energies of millions of people with various skills and talents.

Markets are made by the collective actions of all the people involved. A diverse set of people comprise the market and make it competitive.

They cannot be controlled by one person. Further, consumers or producers alone cannot make them function. Too much government interference is also not favorable.

Rahul Sunny answered 2 years ago

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