The proposed response of Adam Smith based on each scenario is given below:
<h3>Scenario 1</h3>
He would say that the pricing system should remain the main determinant of the market and the interference of the government was uncalled for.
<h3>Scenario 2</h3>
He would side with the free market system and be an opponent of the law that frowns on importation.
<h3>Scenario 3</h3>
He would support the suspension of the antitrust laws.
<h3>Scenario 4</h3>
He would believe that markets should not be regulated and the free market system should continue.
<h3>Who is Adam Smith?</h3>
He is the father of modern economics for his work in pioneering ideas such as free trade and the gross domestic product
Hence, we can see that the proposed response of Adam Smith based on each scenario is given above.
Read more about Adam Smith here:
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Answer:
competitor-oriented pricing
Explanation:
competitor-oriented pricing is a technique for valuing in which a producer's value is resolved more by the cost of a comparable item sold by an incredible contender than by contemplation of purchaser request and cost of generation; likewise alluded to as Competition-Based Pricing.
For instance: a firm needs to value another espresso producer. The company's rivals sell it at $25, and the organization thinks about that the best cost for the new espresso producer is $25. It chooses to set this very cost without anyone else item.