Homework Answers
Answer
Free market is the market where there is no intervention of the government (Laissez Faire) means market is determined by free play of consumers and producers. It is mentioned in the statement that free market is the market where there is no sales tax is imposed. So, This is not what Free market refers to, this is just a small part of a free market. There can be a possibility that there is no sales tax but still market is not a free market. Suppose government sets a Price floor, Price ceiling, etc, we can see that there is no sales tax but government is playing a huge role in determining Price and quantity in the market. Similarly is with Income tax, This will reduce the income of the consumers and will shift there demand curve to the left and hence decreasing Market Price and quantity. Hence this Statement is False
Hence the correct answer is (b) False
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