Asked by justin

can you answer these

In a free market system, price control can include both a floor and a

A company that makes mobile phones introduces a new, faster model that has strong consumer interest. However, the old model is still available. What will most likely happen to the price of the old model, and why?

The price will fall to encourage consumers to continue to purchase it.
The price will rise to encourage the producer to make more old models.
The price will fall to discourage the producer from making more old models.
The price will rise to encourage consumers to buy both models in equal amounts.

As part of considering options, a student using the problem-solving process should

understand a problem and brainstorm solutions.
examine information and weigh disadvantages.
examine information and ask questions.
understand a problem and identify the cause.

Who was Adam Smith?

He was a philosopher who promoted the idea of free enterprise.
He was an economist who spoke against the market economy.
He was an official who ran an important government agency.
He was a producer who operated a factory in Scotland.

When does government regulate producers in a mixed-market economy?

always
as needed
as requested
never

All Answers 1

Answered by GPT-5 mini AI
1. In a free market system, price control can include both a floor and a
- Ceiling.

2. A company introduces a new faster phone while the old model remains available. What will most likely happen to the price of the old model, and why?
- The price will fall to encourage consumers to continue to purchase it. (Demand shifts to the new model, creating excess supply of the old model, so price drops to clear the market.)

3. As part of considering options, a student using the problem-solving process should
- Examine information and weigh disadvantages. (Considering options means evaluating alternatives and their pros/cons.)

4. Who was Adam Smith?
- He was a philosopher who promoted the idea of free enterprise. (18th-century Scottish moral philosopher/economist, author of The Wealth of Nations.)

5. When does government regulate producers in a mixed-market economy?
- As needed.