After defining a ‘market mechanism’ and the ‘law of supply and demand’, explain how higher education can be affected by market changes, and how economic theory can understand such changes (Duff, 1997).

Q: What is economic justice and should there be a Hippocratic Oath for economists?

A: GIVEN DATA Views on economic justice and whether should be there  Hippocratic oath for economists

Q: According to Adam Smith, the "invisible hand" refers to the government's effort to always keep a…

A: Adam Smith was an economist who is well known for his book wealth of nation, invisible hand.

Q: What role does the profit motive play in a market economy?

A: Profits are the factor payment to an organization. Profits are important for a business to run. If…

Q: What are the circular flows in the capitalist economy? Please draw it and explain at least in four…

A: Capitalist economy: It is alluded to as the monetary framework where the variables of creation, for…

Q: Why do we have markets, and according to economists, what role should government play in them?

A: Market is a place where the goods and services produced by the companies are exchanged in return of…

Q: How will apply the principles of shifting demand and supply in economics

A: There are 2 important principles that apply in shifting demand and supply in economics. The demand…

Q: Which of the following is NOT true of a market economy? Decisions are regulated by a central agency.…

A: Option D is wrong  It relies millions of individual economic dicision to determine economic output…

Q: Explain in pictures only, without words on the principles of economics (Theory of demand and supply)

A: Demand and supply are the basic principles of economic. Almost all the major concepts of economics…

Q: QUESTION 21 Market, command, and mixed are all forms of A Market theories B Basic economic…

A: Maeket,mixed and command are all forms of Economic systems

Q: In the latter years of the command economy in the Soviet Union, there was some experimentation with…

A: Between 1929 and 1933, Stalin ordered the collectivization of agriculture, which he pursued…

Q: Why is economics often described as the science of constrained choice?

A: The desire and need for goods and services such as food, housing, cloth, and anything that improve…

Q: Examine the behaviour of economic agents and the impact on their economic decisions and  the…

A: Economic agents are institutions/people which impact the economic variables according to their…

Q: What role, if any, will marginalism, incentives, and disinterestedness play in the questions you ask…

A: Marginalism refers to the study of marginal relationships and theories within the economics. The…

Q: Generally speaking, what must occur in order for demand to shift? Supply to shift?  How does the…

A: Answer: A shift in demand curve: A shift in the demand curve occurs when all the other factors…

Q: Do you think Pareto Efficiency is enough to explain welfare economics?

A: According to Pareto efficiency, it is not possible to increase one person utility or welfare of one…

Q: Discuss the concept of homoeconomus with adequate examples. How does it help create an equilibrium…

A: The subject that includes the discussion about the allocation of scarce resources among all the…

Q: What is the difference between microeconomics and macroeconomics? What is comparative advantage?…

A: Economics is a study related to the production, distribution and finally the consumption of…

Q: You and other college students are deciding whether to major in music or engineering. You learn that…

A: Please find the answer below.   EQUILIBRIUM: Market equilibrium and economic equilibrium are two…

Q: In the words of Columbia economist Jeffrey Sachs, “Markets won.” But will markets stay the winner?

A: The markets are an institution which involves buyers and sellers to interact in the marketplace as a…

Q: Subject: Manegerial economics & policy Using the information in the following table,  determine how…

A: Answer: Theoretically, profit maximization occurs where the marginal cost (MC) and marginal revenue…

Q: Types of demand in economics

A: Demand can be categorized into different types on the basis of various factors. For example, factors…

Q: In an axes, sketch the market demand curve for education and sketch the market supply curve on the…

A: Market Demand is the sum of individual Demand. So we have, Price Market Demand 36000 130…

Q: The problem of choice is called the Economic problem True/False

A: The biggest problem the economy has to deal with is the problem of scarcity which means that the…

Q: Of the statements below only ONE is not a characteristic of a market economy (as stated in the…

A: An economic system is a way for governments or communities to distribute and organise resources,…

Q: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…

A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…

Q: The following table contains statements that provide some analysis of policies that address the…

A: Introduction: A minimum wage is the lowest salary that companies can lawfully pay their employees;…

Q: What kinds of inequalities we are facing in "free market" according to Milton Friedman?

A: Free market also known as capitalism where economic decision is taken by the market forces with…

Q: The real world is dynamic. If so, why do agricultural economists continue to rely so heavily on…

A: Comparative statistics is defined as the comparison that is made between two outcomes. It studies…

Q: Which of the following assertions is NOT a basic economic assumption? a. People act rationally. b.…

A: Economics is all about assumptions, it is related to production, distribution, scarcity, consumption…

Q: Define the basic concepts of economics

A: (Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What are some markets (goods or services) where an equilibrium might not be the most desirable…

A: A free market refers to a market in which the demand and supply levels of goods determine their…

Q: What is meant by flexibility in economic terms?

A: Meaning of Economics: The term economics refers to the situation under which there remains…

Q: What defines market equilibrium? How about market disequilibrium? What are the contrasting…

A: Market equilibrium is attained when demand in market is equal to the supply in market. The…

Q: We are currently learning about Microeconomics Theory and Applications. We are tasked to explain why…

A: When talking about microeconomics, it deals with the situation of a specfiic market, or with a…

Q: Friedrich von Hayek won the Nobel Prize in Economics in 1974. In awarding the prize, the Academy…

A: Microeconomics is that the study of people, households and firms' behavior in higher cognitive…

Q: what is Adam's smith theory on The Invisible hand of a Market Economy

A: In economics, Adam Smith gave his significant contribution to understand the concept of market and…

Q: What is the Samuelson Rule? Why does the market outcome, based on the actions of rational,…

A: Answer -   Public Goods :- Public goods are those goods that can not be exhausted by the usage and…

Q: what first sink in your mind when we call applied economics

A: In an economy, the study of economics is further classified into parts such as public economics,…

Q: What is laissez-faire theory and is it applicable to the economy? Why and why not?

A: Laissez Faire theory is free form of economy where the government intervention is absent in the…

Q: In a market economy, what is the central coordinating mechanism? How does a market economy solve the…

A: Hey, thank you for the questions but according to our policy we answer only one question per…

Q: A well educated society can be considered which of the following, as it pertains to economics?…

A: If a person's knowledge and abilities are developed in such a way that they finally result in a…

Q: Explain the economic concept of incentives.

A: Economic incentive: Economic incentives are what persuades you to carry on with a particular goal in…

Q: The basic premise of rational choice theory is that aggregate social behavior results from the…

A: In a market, rational choice refers to the economic concept that is used to analyze the general…

Q: To what extent are free markets morally justified? In your answer, you may want to be clear about…

A: The markets are a distributive mechanism which would result in the allocation of the goods and…