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Q: Why should consumers learn about products they wish to buy?
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Continue Learning about Economics

How did monopolies harm consumers?

Monopolies harmed consumers in the sense that they had complete control over a certain market. They can increase prices as they wish and since there is no competition, consumers are forced to pay these high costs. Monopolies also harm consumers because the lack of competition leads to the lack of innovation which therefore causes no improvement in products. Lastly, products can be made of low quality but since there is no competition people will be forced to buy them.


What type of goods should be purchased by the consumers?

Consumers want a very wide variety of goods and services. We want food and clothing and housing and education and medical care and entertainment and transportation, books and toys and computers and phones and TVs, guns, pets, alcoholic beverages and cigarettes, decorative objects, jewelry, etc. We want haircuts, elaborately painted fingernails, and a thousand other things. I could never list all of them.


Why do centrally planned economies have difficulty meeting consumers need?

In a free-market economy, the various suppliers of goods can increase or decrease production in relation to sales in the marketplace. This means that consumer's needs can be properly taken into account by the suppliers. Conversely, in a centrally planned economy, there is a long time differential between the supply as determined by the government and any changes that the government may make to that supply. As a result, the marketplace cannot adequately take care of consumers' needs.Additionally, it is not clear that the government will allocate production based on what the consumers actually want to consume. Governments may choose to produce specific products that they wish more members of the populations to have and fewer products that they wish to not be used in society. The amount of product in the market could be set based on bribes and corruption. The amount of product in the market could be based on government interest in companies making the product. There are even cases where the government wants to properly map consumers' needs, but are unable to accurately forecast those needs.


Why do governments set duties on imported goods to restrict or limit trade with other nations?

a) government wish to protect their industries from foreign competition. b) consumers will be encouraged to buy products made in their own country. c) Duties prevent the sale of foreign goods at lower prices than goods made at home. d) All the above. answer is d all the above... <3Nova Net Master of Ninjutsu<3


How does a market system prevent people from getting as many goods and services as they wish?

The market system allocates goods and sercives to those who are able to pay for those products and therefore income is a limiting factor.

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If the inmates wish education, they should be able to get it. If a person does not want to learn, he should not be forced to learn. That would be a waste of money.


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It is always good to learn another language. Depending on what you wish to do with it or where you are going to be living, it can be a valuable asset.


How did monopolies harm consumers?

Monopolies harmed consumers in the sense that they had complete control over a certain market. They can increase prices as they wish and since there is no competition, consumers are forced to pay these high costs. Monopolies also harm consumers because the lack of competition leads to the lack of innovation which therefore causes no improvement in products. Lastly, products can be made of low quality but since there is no competition people will be forced to buy them.


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