How will the system accommodate change
How will the system accommodate change?
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In consumer tastes and the guiding function of prices accommodating changes are:-
a. An increase in demand for some products will lead to higher prices in those markets.
b. A decrease in demand for other products will lead to lower prices in those markets.
c. Increased demand leads to higher prices that induce greater quantities of output. The opposite is true for a decrease in demand.
d. Higher prices lead to more profits and new firms entering the market.
e. Lower prices lead to losses and firms leaving the industry.
In words of Adam Smith, who theorized that the “natural price” of a good based most directly upon the: (1) wage rate and the relative amount of labor required to produce the good. (2) greater of the value of the good &ldqu
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