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Question
When the quantity of any commodity which is brought to markets falls short of the effectual demand, all those who are willing to pay the whole value of the rent, wages, and profit, which must be paid in order to bring it thither, cannot be supplied with the quantity which they want. Rather than want it altogether, some of them will be willing to give more. A competition will immediately begin among them, and the market price will rise more or less above the natural price according as either the greatness of the deficiency or the wealth and wanton luxury of the competitors, happen to animate more or less the eagerness of the competition.
This passage was likely written by _____.
When the quantity of any commodity which is brought to markets falls short of the effectual demand, all those who are willing to pay the whole value of the rent, wages, and profit, which must be paid in order to bring it thither, cannot be supplied with the quantity which they want. Rather than want it altogether, some of them will be willing to give more. A competition will immediately begin among them, and the market price will rise more or less above the natural price according as either the greatness of the deficiency or the wealth and wanton luxury of the competitors, happen to animate more or less the eagerness of the competition.
This passage was likely written by _____.
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Solution
The correct option is E Adam Smith
Adam Smith was a Scottish economist,wrote this paragraph. He stated the market mechanism and competition which prevails in the market.
Adam Smith was a Scottish economist,wrote this paragraph. He stated the market mechanism and competition which prevails in the market.
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