The proposed response of Adam Smith based on each scenario is given below:
Scenario 1
He would say that the pricing system should remain the main determinant of the market and the interference of the government was uncalled for.
Scenario 2
He would side with the free market system and be an opponent of the law that frowns on importation.
Scenario 3
He would support the suspension of the antitrust laws.
Scenario 4
He would believe that markets should not be regulated and the free market system should continue.
Who is Adam Smith?
He is the father of modern economics for his work in pioneering ideas such as free trade and the gross domestic product
Hence, we can see thatThe proposed response of Adam Smith based on each scenario is given above.
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