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Which of the following is NOT a problem with the dream of an unregulated market society, as discussed in lecture? Group of answer choices The
Which of the following is NOT a problem with the dream of an unregulated market society, as discussed in lecture? Group of answer choices The dream requires accepting the idea that Pareto efficiency is always the same as "the general good". Perfect competition must be assumed but the assumption is violated by the real world of markets dominated by a few large buyers and sellers. All of the above are problems with the dream of an unregulated market society. Low or nonexistent transaction costs must be assumed but the assumption is violated by high transaction costs in many markets - especially in labor markets where quitting a job exposes the worker to financial uncertainty and potential poverty. Perfect information must be assumed by the assumption is violated by the real world in which information is hoarded by powerful market actors
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