A competitive, profit-maximizing firm pays its workers a wage of $500 per day.  The last worker they hired increased their production by 20 units per day. What must be the price that their product sells for?

Q: Please tell me which multiple choice are correct Excess supply in a competitive market with…

A: Excess supply in a competitive market with no intervention Will lead to a rise in price. Answer is…

Q: Identify markets in which you act as a buyer/demander and markets in which you act as a…

A: The buyer/demander is a person, who wants to fulfill his/her requirement by purchasing the goods and…

Q: A car rental agency lowers their rates by 10 percent. If the agency wants to recoup the income lost…

A: If the demand for cars is elastic then, the percentage change in quantity demanded is more than the…

Q: Rent control causes larger shortages in the_________ run because over that time horizon,supply and…

A: Price control and Rent Control Price control is enacted when policymakers believe that the market…

Q: influence the price

A: Some of the main factors which affects the price determination of products are: 1. Product Cost…

Q: Who benefit if the price is lower than the market price

A: The equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: Choose any business.  If you worked for that business, what major factors would stimulate the demand…

A: The major factors that would affect the demand or stimulate the demand are as follows: Price plays…

Q: On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada…

A: A recession is a situation in the economy shown by a downward trend in the business cycle. The…

Q: Find an example of MFN clause (other than the ones mentioned in the chapter) and discuss their…

A: Most-favoured-nation (MFN): treating other nations equally. Under the WTO agreements, countries have…

Q: These goods that are consumed in lieu of a particular product. *       substitute goods…

A: These goods that are consumed in lieu of a particular product. The answer is - Substitute Good

Q: "Costs do not affect the market price" is this statement right or wrong? Show your work

A: Answer: According to a prior research of price determination in the market age, production expenses…

Q: Discuss the factors that led to the consumer movement and list some of its results.

A: The consumer movement refers to a social movement, led by consumer organisation to ensure protection…

Q: Factors used to determine the supply of commodity

A: Supply (SS) refers to the amount of a commodity (Q) that the producer is willing to SS for a given…

Q: does not exist today for which there is a market need

A: Market need: It refers to the need or demand of the people who have to be fulfilled by the producers…

Q: Songwriters and composers press music companies to lower the price for music downloads because

A: The quantity demanded of a good refers to the amount of the good that the consumers are willing and…

Q: •If you are the manager of a company, and you recently discovered that your goods are considered by…

A: In the market, goods are classified according to consumer behavior, and the relation between the…

Q: Do business firms operating in competitive markets have a strong incentive to serve the interest of…

A: The perfect competition is a market condition in which there are many producers and the production…

Q: The individual demand will If price falls.

A: At the market place, the behaviour of the individual is explained by the consumer demand theory…

Q: how price system affects the Industries pricing products and Services

A: Elasticity of demand and elasticity of supply are two things that affect the pricing for goods and…

Q: Cost of a commodity together with ________ determines price of the commodity:

A: # In a market, when a good is made available for sale, the most important thing is to decide the…

Q: The decrease in demand will lead to a decrease in the price of equilibrium as well as the quantity…

A: Demand is the volume of goods and services that consumers are willing to buy, at a certain price. As…

Q: Your wage increases by 25%. If you want to keep your income constant: Select one: You can only do so…

A: Here, it is given that an individual gets an increase in his wage rate by 25%, but he wants to keep…

Q: You are choosing between buying a home or continuing to rent. You value the home at $1,000,000 (one…

A: Answer: The buyer values the house at $1,000,0000. So, Willingness to pay = $1,000,000 Cost of house…

Q: Product now out of fashion (change in taste of buyers) There is an expectation that the price of the…

A: The entire demand curve for a commodity would shift with a change in consumer income, taste and…

Q: How many states have increased their minimum wage since 2009?

A: As employees are motivated by rising salaries, raising the minimum wage aids in enhancing employee…

Q: Why would a company ever want to sell its goodsor services for less than they cost to produce?

A: Business is important all around the world. For the functioning of business, four factors of…

Q: Subsidies ____ the price paid by the buyer and ____ the price received by the seller.

A: Subsidies Subsidies refers to the incentive that is provided by the government to the people or…

Q: emanded to * ) a change in price. ) a change in output. ) a change in supply. ) a change in…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you as per…

Q: If the competition in the market increases: A) The price setting curve shifts downward B) The wage…

A: Introduction its answer is A) The price setting curve shift downwards Because when the competition…

Q: price,

A: Demand generated by all the consumers/individuals at a given price during a duration depicts demand.…

Q: A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Increases in demand caused the price of cotton to more than triple between early 2010 and early…

A: cotton creation may increment by more than six percent to a record 25 million bundles in 2010-11…

Q: “I still don’t buy pizzas from that place a lot, though they have a promotion this month.” What does…

A: The question is based on the market structure and their promotional strategies and decision-making.…

Q: cantilists and physiocrats).

A: *answer:  Economic history depicts a detail data regaridng the economicevents of the past. It…

Q: Each point on a supply curve representsA) the highest price sellers can get for each unit over…

A: Supply curve: It refers to the representation of the cost of goods and services and the quantity…

Q: Compare and contrast price discounts and allowances, describing the types of each.

A: The markets refer to the place where the buyers, and sellers interact. In the markets, the sellers…

Q: What is the best price that producer must determine so as to achieve maximum revenue

A: Total Revenue is the product of the number of units sold multiplied by the price. Similarly, the…

Q: Fill in the blank with the corresponding options. Be sure to type them exactly as they are written…

A: In a free market, equilibrim price and quantity is determined by the forces of the demand and supply…

Q: Select correct one In an imperfect market, individual firms: a. are always able to set the…

A: In business and economics, a market is defined as where the sellers and consumers meet to facilitate…

Q: True or False and explain why. A city that is facing a shortage of teachers announces a plan to…

A: The labor market clears when the quantity demanded of labors is equal to quantity supplied of labors…

Q: If you catch one hundred cocaine shipments, and the street price does not increase, then have you…

A: If in the market the demand for the product is inelastic, meaning that for any increase in the price…

Q: A minimum limit beyond which the price of commodity is not allowed.

A: In a competitive market, the equilibrium price and quantity of a good are determined at a point…

Q: Price controls often generate Select one:

A: The price controls would result in the price controls which would involve the price floor and the…

Q: why is that quality delivery and price expectations of the customer should be considered in the…

A: When talking about transformation process, it refers to the process of substitution one or more…

Q: Consumers express self-interest when they seek the lowest price for a product.        reduce…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…