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Economics Homework Two Answers - Student Ten (view source)
Revision as of 19:46, September 14, 2009
, 19:46, September 14, 2009no edit summary
'''6. "Time is money." Explain. Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.''' you can lead a horse to water but you can’t make it drink". In a truly free market, without government control, people will only buy what they want, regardless of who or how rich a person is that tries to force them otherwise. The government by threat of jail is really the only one who can force people to buy, but this would not be a free market.
'''6. "Time is money." Explain. Or, as an alternative, improve on our definition of a "free market." Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.''' you can lead a horse to water but you can’t make it drink". In a truly free market, without government control, people will only buy what they want, regardless of who or how rich a person is that tries to force them otherwise. The government by threat of jail is really the only one who can force people to buy, but this would not be a free market.
'''7. Explain why waiting lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market. (Hint: the reason is related to the effect of price controls on the supply of a good or service.) ''' if doctors are making hardly any profit, they will do less surgery's because it isn’t worth there time. This will cause a shortage and the waiting line will get longer. The medical suppliers will start limiting their services just like the bleachers of the obstructed view boxes at Yankee stadium.
[[[[
''''''Aran M.'''''']]]]