Answer to Question #178663 in Microeconomics for James

Question

1. In a market-oriented economy, no government

1. Can exist.
2. Agency or guiding intelligence oversees responses and interconnections resulting from a change in price.
3. Is ever necessary.
4. All of the above.
5. Potatoes.

Answer 1

1. 3. Is ever necessary.

The free market is an economic system based on supply and demand with little or no government control.