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Chapter 14: Q. 30 (page 351)

Will a free market tend to encourage or discourage discrimination? Explain briefly.

Short Answer

Expert verified

A free market tends to discourage discrimination.

Step by step solution

01

Introduction

A free market is one that is unrestricted by government interference like quotas, tariffs, taxes, and quality regulations.

02

Explanation

Competitive markets, in an ideal world, motivate profit-seeking businesses to forestall prejudice. If an organisation refuses to supply its products to customers due to racial or gender discrimination, it will lose money. Other profit-driven employers are able to hire women and blacks if companies refuse to pay them a wage supported their productivity. Business owners are forced to create purchasing, selling, hiring, and promotion choices only on the premise of economic considerations in a very free market.

03

Conclusion

Therefore, businesses are a part of society, discrimination will cause them to lose money and leave the market.

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Most popular questions from this chapter

Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a monopoly鈥檚 marginal revenue.

LaborMarginal product of laborPrice of the product
110\(10
28\)7
37\(5
45\)4
53\(2
61\)1

a. What is the monopoly鈥檚 marginal revenue product at each level of employment?

b. If the monopoly operates in a perfectly competitive labor market where the going market wage is $20, what is the firm鈥檚 profit maximizing level of employment?

What is the marginal cost of labor?

If a company has discriminated against minorities

in the past, should it be required to give priority to

minority applicants today? Why or why not?

If the United States allows a greater quantity of highly skilled workers, what will be the impact on the average wages of highly skilled employees?

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