Question

In many parts of Europe during the​ mid-1770s, governments gave​ guilds, or organizations of​ producers, the...

In many parts of Europe during the​ mid-1770s, governments gave​ guilds, or organizations of​ producers, the authority to control who was allowed to produce a​ good, the amount of the good​ produced, and the price charged for the good.

Would you expect more competition among producers in a guild system or in a market​ system?

A.

A market​ system, but only if government imposes regulations similar to those instilled by a guild.   

B.

A guild​ system, because its charter could require that members follow competitive practices.

C.

A market system is clearly more competitive because it allows for the free entry and exit of producers.

D.

No discernable difference exists between the two systems regarding competitiveness.

.

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Answer #1

Option C.

In a guild system, the government has provided an authority to the producer's to produce a good, amount of the good produced, and the price charged for the good.

This means that the those producer's have an entire authority and power within the market which can make them prevent other firm's from entering into the guild market.

Based on the above given information we can say that a Market system is more competitive as it allows free entry and exit of producers.

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