In a market economy, supply determines demand and demand, in turn, determines prices. demand determines supply and supply, in turn, determines prices.   the allocation of scarce resources determines prices and prices, in turn, determine supply and demand.        supply and demand determine prices and prices, in turn, allocate the economy’s scarce resources.

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A: It is the socialist market structure where the resources used in the process of production are owned…

Q: An externality arises when a firm or person engages in an activity that affects the wellbeing of a…

A: * ANSWER :-

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Q: Is it true that all buyers and sellers are content with the market price if a market is in…

A: If demand and supply are equal, the market is in equilibrium. The price mechanism, whereby buyers…

Q: In a competitive market, the price of a product

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Q: The first Welfare Theorem states that, invariably, a competitive market results in an efficient…

A: A market is a particular area where two parties, the buyers and the sellers come in close contact…

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

Q: According to economic theory, the demand x for a quantity in a free market decreases as the price p…

A: Demand Equation is given as  x = 90000.3p + 1, where 10≤p≥70

Q: Explain why price moves towards equilibrium in a free market and why the equilibrium price may…

A: The free economy is the economy where no restrictions are imposed on the production activities and…

Q: If price is Taka 300, is the market in equilibrium? Why or why not? If the price is taka 100, find…

A: Market equilibrium is a situation in an economy when quantity demanded of product is same as…

Q: How does a market reach equilibrium without any outside intervention? Explain using the supply and…

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Q: What happens when price is not allowed to change with market forces?

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Q: In which of the following situations could the competitive market not be Pareto efficient? Select…

A: Answer - "Thank you for submitting the question.But, we are authorized to solve only 3 sub…

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Q: Which of the following represents a market failure? a) people prefer to have more restaurant meals…

A: Market failure is the economic situation defined by an inefficient distribution of goods and…

Q: Explain the relationship between a market equilibrium and a social optimum

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Q: DRAW # 9 AND SHOW WHAT HAPPENS WHEN WE SLIGHTLY RAISE THE PRICE ON THE MARKET EQUILIBRIUM CURVE-

A: Equilibrium is achieved at the output level where quantity demanded equals quantity supplied.

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A: Equilibrium refers to a situation of stability in the market where the demand and supply conditions…

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Q: When are Consumer and Producer Surplus at a maximum? A) When a market is in equilibrium B) When…

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Q: How price reaches equilibrium? Give an example

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Q: Describe how need and want affect goods and services

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Q: When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for…

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Q: An externality arises when a firm or person engages in an activity that affects the wellbeing of a…

A: In a market, two types of externalities are positive and negative that depends upon the effect of an…

Q: Distinguish the laws of demand and supply. How are the laws of demand and supply illustrated…

A: The law of demand refers to the inverse relationship between price and quantity demanded (other…

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Q: In a competitive market, how will the actions of any single buyer or seller impact the market price?

A: In a competitive market, the actions of any single buyer or seller will not impact the market price.

Q: When a market is competitive and functioning properly, economic theory predicts that the market…

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Q: economist create a market demand schedule

A: A market demand schedule is a  tabular representation that is created by an economist to forecast…

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A: Here, it is given that the impact of a severe hurricane led to destroy many shrimp farms in the Gulf…

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 :