Describe how need and want affect goods and services

Q: Why do we use straight lines on demand and supply?

A: A demand schedule is a table that displays the quantity of goods requested in the market at various…

Q: The quantity of goods and services that a person, business, or company is willing to offer at a…

A: In general a firm incurs various costs in the daily business and these costs can be classified as…

Q: If the economy goes into a recession and income fall, what happen in the market for inferior good?

A: Inferior goods are the goods that are inversely related to the income ie these might be low-quality…

Q: What does the supply curve illustrate? a. The quantity suppliers are willing to sell at each and…

A: In a competitive market, the market forces of demand and supply of a good determine the equilibrium…

Q: market forces of Supply and Demand.” Agree or disagree with

A: I agree with the statement but in some cases government should directly intervene in the market to…

Q: is an organization created a formal agreement between a group of producers of a good or service, to…

A: Forms of market are large in number and can be distinguished according to the features they possess.…

Q: which statement is correct If a good is not being produced by sellers with the lowest cost, then…

A: Profit Maximization level: The level of production that maximizes the profit of the firm or the…

Q: The introduction of new technology can affect the amount of supply a business will produce. Will it…

A: The supply schedule illustrates what the firms can produce at every price point and how much they…

Q: A demand curve shows the relationship between a) price and technology. b) the demand and supply…

A: demand curve represent the relation between price and quantity we can choose the correct option as…

Q: Excessive usage of polyethene bags is damaging the environment of Bangladesh. Discuss the different…

A: GIVEN   Excessive usage of polyethene baggage an damaging the surroundings of Bangladesh

Q: Surpluses and shortages will not occur as long as price can move freely and act as a “rationing…

A: Excess of quantity supplied over quantity demanded results in surplus of the commodity and when…

Q: laws of supply and demand

A: ‘Law of demand’ states that if commodity price rises then its quantity demand decreases or…

Q: Draw and carefully label the market for honey. How would a disease reducing the mobility of bees…

A: The market for honey can be shown using demand curve and the supply curve. As usual the demand curve…

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: The amount of a good or a service that a producer supplies at a specific price is called:

A: Let us first understand certain concepts related to the above question.Producer: Producers are the…

Q: An adverse weather condition can change the supply of a product.” It can be represented as a: a.…

A: Supply curve shows different combinations of quantity supplied and prices

Q: What represents the amount of some good or service a producer is willing to supply at each price? A…

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

Q: A schedule which shows the various amounts of a product producers are willing and able to produce at…

A: Difference between demand and quantity demanded Demand - it refers to the quantity of a good that a…

Q: The fundamental economic concept that describes the total amount of a specific good or service that…

A: The term microeconomics refers to that situation under which the economic problems are judged on the…

Q: This is the willingness and the ability of a consumer to buy goods and services to satisfy their…

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

Q: What are the example of the following: 1. Increase in Demand 2. Increase in quantity demand…

A: 1)Increase in demand: It is a situation when demand for a commodity changes due to change in factors…

Q: 1. Equilibrium take an example 2. surplus  take an example 3. shortage take an example 4.…

A: Since you have asked multiple questions, we'll solve the first three questions for you. If you want…

Q: Good which are supposed to be used together to satisfy a want or need are called___________

A: # Few goods can be used in place of each other and few foods are supposed to be used together to…

Q: For society, a good is not scarce if  a.firms are producing the goods at full capacity b.  all…

A: The economics as a study is considered to be a very vast area. In economics, the major idea is that…

Q: In 2014, a major ice storm hit the southeastern U.S. The storm brought down power lines and trees,…

A: Price gouging refers to a activity in which the sellers charge more than reasonably fair prices for…

Q: Instruction: In the left column, list examples of goods or services where demand is greater than…

A: DEMAND > SUPPLY (i)…

Q: Discuss it in your own understanding and then give example each of the following: Consumer and…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: in 2015 the average price of housing was $326,000 and went up to almost $500,000 in the last year.…

A: Prices of houses goes up because there is a jump in housing demand, despite a limited amount of a…

Q: Demand is a powerful force in a free market. In 3 to 4 sentences, explain some of the factors that…

A: Demand is a concept that shows two characteristics together that are the willingness to pay and the…

Q: Solve for the supply and demand

A: Price      Quantity Demand      Quantity Supply 127.75          1000                        108…

Q: In 2014, a major ice storm hit the southeastern U.S. The storm brought down power lines and trees,…

A: Price ceiling refers to the legal maximum on the price at which goods or products can be sold in the…

Q: Other than price, identify one market signal. Show how that market signal influences…

A: The information which is being either passed unintentionally or passively between market…

Q: (a) State on thing that would cause market supply to increase (cause the supply curve to shift to…

A: The law of supply states that there is a direct relationship between price and quantity supplied.…

Q: Why are newspapers, but not soft drinks, sold in vending machines that allow customers to take more…

A: Necessary good is a type of normal good that consumers buy regardless of the change of their income…

Q: Does a 24-hour store follow the marginal benefit principles?

A: Firms can maximize the net profit of any operation by selecting the quantity at which marginal…

Q: How does the market structure affect the price of a good or service?

A: A market is a gathering of buyers and sellers to reach an agreement on the price and quantity of…

Q: How supplier affect the supply of goods to the public market?

A: At the marketplace, suppliers are the market participants who provided goods and services to…

Q: Classifying a good as rival means   A. that the good is produced in a competitive market.   B.…

A: The answer to the question is as follows :

Q: Which of the following would not change the supply of a good? A A change in the price of the good. A…

A: The supply shows the positive relationship between the price level and the quantity supplied. The…

Q: A buyer's willingness to pay for a good is the that good. It measures how much the the good. buyer…

A: "Consumer surplus occurs when the price the consumer pay for the commodity or service is less than…

Q: Use a graph and a written description to explain what happens when an oil shortage leads to reduced…

A: The markets are the place where the sellers, or the suppliers of goods, services, and other products…

Q: In 2014, a major ice storm hit the southeastern U.S. The storm brought down power lines and trees,…

A: Price Ceiling is defined as a kind of Price control that is imposed by the government. The…

Q: Supply: Definitions Law of supply Supply schedule and supply curve

A: The term supply refers to how much of a precise product, item, commodity, or service suppliers are…

Q: Who gets the benefit when there is surplus of goods in the market household consumers government…

A: Both demand and supply are necessary to run a market. The market can not run properly if any one of…