Do business firms operating in competitive markets have a strong incentive to serve the interest of consumers? Are they motivated by a strong desire to help consumers?

Q: Scenario: Before economic reforms were implemented in the countries of Eastern Europe, regulation…

A: Market equilibrium refers to the point where demand and supply intersect each other

Q: supermarket chains market can be given as an example of what kind of markets, and why?

A: Supermarket chains are chains of similar kinds of products sellers like D-mart, I-mart ,Best price ,…

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: Choose the letter of the correct answer.     ____1. It is designed to measure the response of…

A: (1). The correct option is D. Elasticity is designed to measure the response of quantity demanded…

Q: Name the three markets.

A: The three groups of markets form the foundation of the macroeconomy. Each set of markets exchange a…

Q: A competitive, profit-maximizing firm pays its workers a wage of $500 per day.  The last worker they…

A: Given, Quantity = 20 units/day Total cost = $500/day Marginal cost = TCQ

Q: How does demand for business products differ fromconsumer demand?

A: Business products- The stuff businesses market and make profits are company goods. In other words,…

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: How will the market for melons be affected after Hurricane Dean?

A: Supply Shock: The term supply shock exhibits a rapid or sudden decline or a sudden increase in the…

Q: Why does the collective behaviour of supply managers have such an impact on economic trends?

A: The flow of commodities and services is governed by the supply chain, which also incorporates all of…

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: Price-Demand curve

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Place each example in the appropriate category. Typical of market economies

A: Market economies are the economies that are generally based on demand and supply. There is freedom…

Q: What is the most important part of economic analysis, and why? Supply and demand Cost Profits Firm…

A: The base of economic analysis is market.The forces of market are demand and supply.Without the…

Q: How is the buying behavior in business markets impacted by different types of demand? Identify the…

A: Various eminent market strategists have argued that the policymakers must take into account the…

Q: importance of competition in markets

A: Market is a means, where exchange of goods and transactions are made. Competition put business into…

Q: Why would demand for steel may decline when demand for aluminum rises? What kind of relationship…

A:

Q: Outline the benefits of 'competitive markets'

A: Competition among rivalry firms will create a lot of positive impacts.

Q: Decide whether each of the following statements is true or false and explain why: Fast - food chains…

A: Demand or supply is said to inelastic when the quantity demanded/supplied changes in a very small…

Q: The government puts in place a regulation stating that anyone accused of a crime must be represented…

A: Goverment place a regulation

Q: How did Alfred Marshall make important contributions in his attempts to characterize the way in…

A: Alfred Marshall was the first to develop the standard supply and demand graph showing a number of…

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

A: DEMAND > SUPPLY (i)…

Q: . Factor which affects market demand but not individual demand can be: (a) Number of consumers in…

A: # Individual demand refers to the concept based on microeconomics whereby we study the demand of a…

Q: How does competition affect prices in a market system? How does it affect supply(what producers…

A: Competition could be a situation within which two or more people or groups try to induce something…

Q: What could be possible problems of consumer behavior in a competitive market.

A: Consumer behavior is the study that analysis the process of purchasing the goods and services during…

Q: Y = 0.5*X Identify if this line is a DEMAND CURVE or SUPPLY CURVE.

A: The working of the markets is theoretically explained by forces of demand and supply curves. The…

Q: Solve for the supply and demand

A: Price      Quantity Demand      Quantity Supply 127.75          1000                        108…

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: Characterize and give examples of markets.

A: There are two forms of market, Perfect form of market and Imperfect form of market. The Perfect form…

Q: Economics gives managers a framework for understanding market demand.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Why are participants in competitive markets called price takers?

A: A market is the collection of buyers and sellers. It is the system in which buyers and sellers can…

Q: Factors that influence demand and supply

A: Supply and demand, in economics, is relationship between the amount of goods that producers want to…

Q: What are the main characteristics of a lean supply system?

A: A lean supply system can be understood as a well-defined system that shows how a well-defined supply…

Q: What is required to establish a balanced scorecard to measure purchasing and supplyperformance?

A: Using the Balanced Scorecard approach is a different approach to measuring and managing procurement…

Q: What are these mismatched trends telling us about how demand and supply work in the market?

A: Oil is the most versatile commodity, being used in everything from plastics to asphalt to fuel in…

Q: Market structures are influenced by the following except which one? A. Pricing B. Inefficiency C.…

A: Market Structure means a particular type of market. which define the as a perfectly competitive…

Q: a competitive market

A: There are 2 forms of market: Perfect and Imperfect market form. These includes market like: Perfect…

Q: Supply and demand theory

A: Supply theory – According to the law of supply, the sellers will sell more of a good at the higher…

Q: Say whether the following statement makes Good Economic Sense, is Complete Economic Nonsense, or is…

A: The market is a place where the buyers and sellers together interact in the market place and as a…

Q: Describe demand and explain how it can change.

A: Demand is the requirement of any goods and services.

Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.