--%>
Assignment Help - homework help

The market system provides such a variety of desired goods

Explain the statements: The market system provides such a variety of desired goods and services precisely.

E

Expert

Verified

The market system provides such a variety of desired goods and services precisely because no single individual or small groups is deciding what the economy will produce. Each individual consumer will choose a variety of goods and services that in combination will maximize his/her satisfaction (utility). To maximize profits, producers must respond to the desires of the individual consumer.

   Related Questions in Business Economics

  • Q : Speculators activities over the long-run

    Over the long-run the speculators activities are tend to: (1) decrease the volatility of prices. (2) attract legal attention and result in imprisonment. (3) increase the level and volatility of prices both. (4) yield tremendous profits and raise costs

    		•
  • Q : Factors of production and the method

    Who owns the factors of production and the method used to coordinate economic activity?

    		•
  • Q : Type of expenditure at the local level

    What is the most important source of revenue and the major type of expenditure at the local level?

    		•
  • Q : Case of arbitrage while selling and

    Assume that melons sell for $5 in Brazil when moose pelts sell for $10, still into Canada melons sell for $10 as well as moose pelts sell for $5. A person who buys moose pelts within Canada to sell into Brazil would be doing: (1) speculation. (2) the “invisible

    		•
  • Q : Production Possibility Curve Production

    Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource

    		•
  • Q : Relation of increased productivity by

    Discussion of a pin factory by Adam Smith focused upon the increased productivity related along with: (w) free international trade as per absolute advantage. (x) specialization and the division of labor. (y) free international trade as per comparative advantage. (z) certainty abo

    		•
  • Q : Demand for bagels rises dramatically

    Explain the demand for bagels rises dramatically while the demand for breakfast cereal falls?

    		•
  • Q : Describe unexpected deflation Describe

    Describe unexpected deflation?

    		•
  • Q : Explain the foundation of economics

    Explain the foundation of economics where society’s material wants are unlimited?

    		•
  • Q : Market Apparent program For the

    For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi

    		•