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- PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information wor helped by the floods?ould you need about the market for bananas in order to assess whether farmers as a group were hurtExplain the concepts appraisal well and production well in brief ?What is a good or service that has become expensive/cheap due to (a) natural scarcity/abundance of supply or naturally high/low demand, and (b) artificial mean (e.g., government policy, competition restricting practices)?
- Explain the process of market mechanism.Hello please answer! What is a good or service that has become expensive/cheap due to (a) natural scarcity/abundance of supply or naturally high/low demand, and (b) artificial mean (e.g., government policy, competition restricting practices)?Efficient markets occur when? a. Supply equals demand b. Consumers are satisfied c.There is no profit to be made d. Opportunities for superprofits are eliminated instantly
- consumers demand for goods and services, which drives production, is the main element of _____ economy? a) command style demand-side b) fee market demand-side c) free market supply-side d) command style supply-sideAs you know about the market (like perfect and imperfect) write in your words about the market which you think is more realistic than other?Why perfect market does not exist? Please explain.
- Picture a scenario in which the fashion industry is suffering from monopolistic price gouging and a dwindling demand (due to the existence of sweatshops and environmentally unfriendly business practices). A hypothetical situation such as this is likely to cause high unemployment in the fashion industry. What could the government do to correct this market failure? Including diagrams where/if appropriate)When we call market is imperfect?1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gas
