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- Which of the following describes market supply? a. Demand of One seller in the market b. Demand of all sellers in the market c. Supply of all sellers in the market d. Supply of One seller in the marketExplain how demand and supply interact to determine the prices of goods and services and the quantities exchanged. Apply demand and supply analysis to a variety of topics in a market economy, including problems of price controls and rent controls, minimum wage laws.What is the difference between demand and derived demand? What examples do you have of goods and services you buy in product markets? What examples do you have of resources your workplace (or another workplace) buys in resource markets?
- Which government policy measure would reduce the price of a product and increase the quantity traded in the market? Pick a,b,c or d a. The setting of a maximum price b. The setting of a minimum price c. The imposition of a tax d. The granting of subsidyUse supply and demand curves to show the change in the price of bread and the quantity sold, when these events occur: 1) To protect farmers’ incomes, the government sets an effective price floor for wheat. 2) To protect consumers from inflation, the government sets an effective price ceiling for bread._________ is the price fixed by government for specific goods and services. a. Market price b. Flat price c. Equilibrium price d. Normal price
- The equilibrium price in the housing market is very high. What do you think will happen if the government imposes a very high price ceiling that is below but very close to the equilibrium price on the housing market, because a politician owns housing units in certain areas? How does that affect the poor and the market for housing?Cocoa (Cacao) beans and imported from South America. The government has decided to increase the tax on imported goods such as cocoa. What effect would this have on the market for hot cocoa?Based on the principles of demand and supply, how is the rising price of gassoline determined? Should the government regulate the price?
- Markets seek equilibrium, and the demand for goods and services will come to an equilibrium with supply of goods and services. When markets are not in equilibrium, surpluses and shortages, as well as underground markets, can exist. Sometimes, the government may want to intervene in markets to try to help reduce economic hardships. Analyze the impact of an increase in the minimum wage from the current level to $15 per hour. How would the following be affected? a. employment of people previously earning less than $15 per hour b. the unemployment rate of teenagers c. the availability of on-the-job training for low-skilled workers d. the demand for high-skilled workers who are good substitutes for low-skilled workers Review the mechanics of price floors and price ceilings. Why does a price floor lead to surpluses? Why does a price ceiling lead to shortages? Review consumer and producer surplus. A price floor will lead to a transfer of consumer surplus to producer…please examine the factors that can motivate the government to reduce the price of rice at $20 per 10 kg bag and the effects of that government legislation on the rice marketIf the quantity exchanged in a market is greater than the equilibrium quantity, then the supply price is greater than the demand price. Explain why.