To create market stability.
How will goods or services be produced? is the basic basic economic question does this decision answer in a free market economy.
<h3>What is a Market economy?</h3>
In a market economy, firms and individuals interact to determine how much goods and services should cost and how to best allocate scarce resources. This word often refers to an economy that is more market oriented overall, however there may be some government intervention or central planning.
Classical economists like Adam Smith, David Ricardo, and Jean-Baptiste Say created the theoretical framework for market economies. These traditional liberal proponents of the free market thought that the "invisible hand" of the profit motive and market incentives typically led economic decisions in directions that were more productive and efficient than government economic planning.
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When using <u>Ranking</u>, finalists are ordered from the most desirable to the least desirable based on results of discretionary assessments.
Operations control is chiefly worried about planning, organizing, and supervising inside the contexts of manufacturing, manufacturing, or the availability of services. As such, it's far delivery-focused, ensuring that a company correctly turns inputs to outputs in a green manner.
It actually approaches the cease-to-stop technique of shifting and storing elements of completed and unfinished goods. as an example, a vehicle production business enterprise will save and transfer automobiles (or their components) in a scientific manner.
The number one goal of operations control is to utilize the sources of the enterprise, to create such services or products that fulfill the needs of the clients, with the aid of offering “proper component at the right rate, vicinity and time”.
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Answer: b) Supply is inelastic and demand is inelastic.
Explanation: Dead-weight loss is the loss in total surplus when a tax is imposed on a good which restricts demand and supply from balancing. When both the demand and the supply curves are inelastic, the effect of a tax will be lead to a small change in the quantity being traded in the market. Thus, the equilibrium quantity at the taxed price will not fall much and the dead weight loss will therefore, be smaller.
