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Solved in 3 steps
- Evaluate and explain the following statements: a. The market system is a profit-and-loss system.b. Competition is the disciplinarian of the market economy.Interaction of demand and supply = Markets: Producer surplus Identify these areas on a diagram Calculate consumer/producer/community surplusWhat type of equation is this? TR - PS A)Producer Cost B) Deadweight Loss C) Consumer Surplus D) Profit
- Market structures are influenced by the following except which one? A. Pricing B. Inefficiency C. Supply D. CompetitionWrite a sentence or two defining the following terms in your own words. Give examples of each. a. Market Equilibrium Point b. Market SystemList the main characteristics of the market system.
- Interaction of demand and supply = Markets: Market efficiency: Allocative efficiency Community surplus Consumer surplusThe area under the demand curve but above the equilibrium price is called: a) consumer surplus. b)producer surplus. c)accounting profit. d)economic profit.Using the data from Figure 3 determine the producer surplus and complete the table. Producer Cumulative Total Surplus Producers Surplus Acceptable Minimum Price a b c e f g h
- Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.The minimum price that producers must receive to induce them to produce another unit of a good or service is equal to the good's ___________. Question 1 options: a) marginal cost b) marginal benefit c) producer surplusAssume competitive markets (prices are given) and that the demand is more elastic than supply. Which of the following statements is correct? A. We do not have sufficient information to infer which surplus is greater B. Consumer surplus will be larger than producer surplustyping C. Consumer surplus will be exactly the same as producer surplus D. Consumer surplus will be smaller than producer surplus. Give typing answer with explanation and conclusion