Unformatted text preview: “right price” for turkey from the standpoint of society as a whole? In previous chapters we saw how, in market economies, the forces of supply and demand determine the prices of goods and services and the quantities sold. So far, however, we have described the way markets allocate scarce resources without directly addressing the question of whether these market allocations are desirable. In other words, our analysis has been positive (what is) rather than normative (what C O N S U M E R S , P R O D U C E R S , A N D T H E E F F I C I E N C Y O F M A R K E T S 141...
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This note was uploaded on 07/30/2010 for the course ECON 120 taught by Professor Abijian during the Spring '10 term at Mesa CC.
- Spring '10