In General, If a Benevolent Social Planner Wanted to Maximise

question 51

Multiple Choice

In general, if a benevolent social planner wanted to maximise the total benefits received by buyers and sellers in a market, the planner should

• A) choose a price below the market equilibrium price.
• B) allow the market to seek equilibrium on its own.
• C) choose any price the planner wants because the losses to the sellers (buyers) from any change in price are exactly offset by the gains to the buyers (sellers).
• D) choose a price above the market equilibrium price.

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Definitions:

Stratified Societies

Societies characterized by a hierarchy of social classes, often determined by factors like wealth, occupation, and ancestry.

Dominant Classes

Social groups that hold primary power and wealth in a society, often determining policies and practices.

King Hammurabi

An ancient Babylonian ruler famous for creating one of the world's earliest and most comprehensive written legal codes, known as Hammurabi's Code, around 1754 BC.

Writing System

A set of visible or tactile signs used to represent units of language in a systematic way.