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.

Solutions

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 1 year ago

Next > < Previous

Related Solutions

"Consumers, producers, and the efficiency of Markets

A market for rice is composed of 30 producers and 30 consumers. Consumers’ side: All consumers...

A market for rice is composed of 30 producers and 30 consumers. Consumers’ side: All consumers are identical (have identical demand). Each consumer is willing to buy 10 kg of rice at a price of $1 per kg. Producers’ side: 10 of the 30 producers are willing to sell 8 kg of rice at a price of $1per kg. The remaining 20 producers (of the total 30) are willing to sell 11 kg of rice at a price of $1...

Taxing markets where consumers and producers are relatively ____________ to price changes will generate the most...

Taxing markets where consumers and producers are relatively ____________ to price changes will generate the most tax revenue because the equilibrium quantity after the tax will ________________ after the tax is imposed. a. unresponsive; not decrease by much b. unresponsive; decrease by a lot c. responsive; not decrease by much d. responsive; decrease by a lot

Which of the following contain a coordinate covalent bond? Check all that apply. Check all that...

Which of the following contain a coordinate covalent bond? Check all that apply. Check all that apply. H3O+H3O+ H2OH2O BF−4

a) What is globalisation and explain the beneficial effects on consumers, producers and government? (10 marks)

a) What is globalisation and explain the beneficial effects on consumers, producers and government?

1 Economists tend to like markets where producers and consumers are price-takers because, assuming there are...

1 Economists tend to like markets where producers and consumers are price-takers because, assuming there are no externalities, the market equilibrium is also the eﬃcient outcome. 2. Grapes are a major input into wine production. Suppose a new fertilizer is developed which reduces the cost of producing grapes. This new fertilizer will result in excess supply of wine in the market. 3. Economics as a discipline deals only with logical deduction. Economists should never make claims which embody moral- or...

Which of the following homeostatic processes requires calcium? (Select all that apply.) Check All That Apply...

Which of the following homeostatic processes requires calcium? (Select all that apply.) Check All That Apply neural communication blood clotting bone repair and growthbone repair and growth production of gametesproduction of gametes muscle contraction

Which of the following is a true statement? (Check all that apply.)

Which of the following is a true statement? (Check all that apply.)A technological improvement isolated to one sector can indirectly result in more production in all other sectors.All points on the PPF are productively efficient.It is possible for a point to be allocatively efficient without being productively efficient.PPFs slope down for the same reason that the demand curve slopes down.

Part A Which of the following statements are true regarding transformers? Check all that apply. Check...

Part A Which of the following statements are true regarding transformers? Check all that apply. Check all that apply. In a transformer, if the primary coil contains more loops than the secondary coil, then it is a step-up transformer. A transformer converts mechanical energy into electrical energy. A transformer is used to increase or decrease a direct current voltage. A transformer is used to increase or decrease an alternating current voltage. In a transformer, if the secondary coil contains more...

How do government–imposed barriers such as patents impact consumers and suppliers in these markets

Subjects

		Government planners.
		Consumers and producers acting in concert
		Wall Street
		An invisible hand