Practicing Success
Practicing Success
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| If parties in each market focus on fulfilling their own self-interest, then there is no need to study economy as a whole. But economists found that they had to look further. Which of the following can be the reason? |
Sometimes, the markets do not exist. In some other cases, the markets exist but fail to produce equilibrium of demand and supply. Also, in a large number of situations, the State has to pursue important social goals in areas like employment, education and health. All of above |
| All of above |
| In some cases, the markets did not or could not exist. Secondly, in some other cases, the markets existed but failed to produce equilibrium of demand and supply. Thirdly, in a large number of situations, the State or the people as a whole had decided to pursue certain important social goals unselfishly like employment, administration, defence, education and health for which some of the aggregate effects of the microeconomic decisions made by the individual economic agents needed to be modified. |
