Answered: is an organization created a formal…

is an organization created a formal agreement between a group of producers of a good or service, to regulate supply in an effect to regulate or manipulate prices.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter15: Oligopoly And Strategic Behavior

Section: Chapter Questions

Problem 6P

See similar textbooks

Related questions

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: 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: The amount paid by buyers and received by sellers of a good could be refered to as …………… a)…

A: Option (a).

Q: __________________ is the price ceiling above which there is no demand for a product: Select one: a.…

A: Answer: Maximum selling price is the price ceiling above which there is no demand for a product, it…

Q: A successful consumer boycott of oranges would impact the equilibrium price of veal as follows: a.…

A: At Equilibrium Price, quantity demanded of goods or services is equal to the quantity supplied. The…

Q: Impact on demand Choose... Impact on supply Choose... Impact on price Choose... Impact on quantity…

A: Supply of goods and services is important in order to maintain the GDP of the country.

Q: FIGURE 4-5 Maximum allowed price D Quantity of Gasoline Refer to Figure 4-5. What is occurring in…

A: Price floor is legal minimum price that can be charged for a good whereas price ceiling is a legal…

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: The village of Hum in Croatia has a market for shoes which buyers and sellers get together to…

A: There are various types of market structure- perfect competition, monopoly, monopolistic competition…

Q: Which of the following will cause the supply of a product to decrease? a) governent subsidy for the…

A: Here the decrease in supply means the supply curve shifts leftward.

Q: The behavior of suppliers or producers to make products available for sale refers to supply…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Deteremine the level of quantities bought and sold at the equilibrium price

A: We are provided that, Qd = a - 50P Qs = -100 + 20P The market will be in equilibrium when Qd = Qs…

Q: Equilibrium price or market-clearing price is the price where Select one: O a. Buyer and seller…

A: Answer to the question is as follows:

Q: Describe the different sources of demand.

A: Demand refers to the situation when the individual needs something and he/she has adequate resources…

Q: Fundamental analysis focuses on identifying price targets on charts while technical analysis focuses…

A: The distinction between the two methodologies comes down to what in particular decides a stock's…

Q: the market, a. the equilibrium price must be below the price ceiling. b. the equilibrium price must…

A: The correct answer is a. The equilibrium price must be below the price ceiling

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: A binding price flooring (Mark all that apply) * 2 points Causes a surplus is set at a price below…

A: Governments around the world sometimes regulate the prices of goods and services, this is called…

Q: Price controls A increase economic efficiency. В benefit both consumers and firms. C result in…

A: Price controls: - Price controls are the methods or the process of adjusting prices in an economy.

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: Quantity Analyzing the Effect of a Price Floor on Consumer and Producer Surplus Price

Q: Statement Price Control Binding or Not The government has instituted a legal minimum price of $2.30…

A: *ANSWER :- * 1)

Q: A market price that occurs below equilibrium price will cause A a surplus of the good in the…

A: B) greater quantity demanded than at market equilibrium

Q: The behavior of suppliers or producers to make products available for sale refers to: A. supply…

A: .Meaning of Producer Behavior: The term producer behavior refers to the situation under which a…

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

A: DEMAND > SUPPLY (i)…

Q: Price rationing will happen whenever there is excess supply in a market. Select one: a. False b.…

A: Price rationing is a method of rationing in which limited quantities of good are allocated according…

Q: When there is an excess quantity supplied of a product at the current price, then: a. the market…

A: Economic equilibrium is defined as a state in which economic forces such as supply and demand are…

Q: Surplus in market is occured when: a. Price is equal to Quantity supplied b. Quantity supplied is…

A: Surplus exists in the market when the market price is set above the equilibrium price. Equilibrium…

Q: A price ceiling is a legally determined receive. price that sellers may charge. A price floor is a…

A: In a market, price ceiling and price floor are the components of price control policy of the…

Q: Match the non-price determinates of supply with the change in supply. There is only 1 change in…

A: Government tax on producers - Decrease in Supply New company starts to produce in a given industry…

Q: A popular concert venue is always full, and people that wait outside tor hours are often turmed…

A: A popular concert venue is always full, the people that wait outside for hours are often turned…

Q: emanded to * ) a change in price. ) a change in output. ) a change in supply. ) a change in…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you as per…

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: Increases in demand caused the price of cotton to more than triple between early 2010 and early…

A: cotton creation may increment by more than six percent to a record 25 million bundles in 2010-11…

Q: . When price increases __________________ increases. 2.When price increases…

A: The demand refers to the quantity that consumers are willing to purchase with their given income and…

Q: The diagram below depicts the market for smart mobile phones for selected brands. Price Apple Iphone…

A: A Value Map is a two-dimensional graph that shows product weighted value scores on the x-axis and…

Q: If a city government were to impose a ceiling price on rental prices in the downtown area:…

A: Price ceiling is the maximum price a seller can charge for a commodity. Price ceilings set below…

Q: A ________ is a list of the quantities supplied at each different price when all the other…

A: In markets with more than one seller, sellers have to decide the quantity they will supply at…

Q: Given the following information Qp = 240 – 5P Qs = P where Qp is the quantity demanded, Qs is the…

A: The highest wage the buyer is willing to pay is the "buyers reservation price". The lowest price the…

Q: If a seller facing excess demand is unable to raise the price of the good due to a price ceiling,…

A: The markets acts as an important place for every economy, because they assist the consumers, and the…

Q: Supply in economics

A: Demand and supply are frequently, if not always, linked in economics and finance. The law of supply…

Q: Which of the following is a challenge of government setting a price floor? A risk of excess supply…

A: Market is in equilibrium when demand is equal to supply in free market. When government intervenes…

Q: If a price ceiling is not binding, then a. the market will be less efficient than it would be…

A: The government-imposed price limit on a product is referred to as a price ceiling. The price ceiling…

Q: *Analyze the dynamics of supply and demand to anticipate market equilibrium.

A: Economics refer to the study of allocation of scarce resources, in the most optimal way when the…

Q: Local grocery store orders 200 cases of Cola at a price of Rs. 26.00 per case. At the end of the…

A: Surplus occurs when there is a excess of supply and shortage of demand. Shortage occurs when there…

Q: A binding price ceiling will a. result in a product shortage. b. result in a product surplus.…

A: The price ceiling refers to a maximum-price that can be charged on a good service in the market,…

Q: Producer Surplus Supply

A: *answer: When government imposes tax, price paid by buyers (Pb) increases and price received by…

Concept explainers

Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.

Question

is an organization created a
formal agreement between a group
of producers of a good or service, to
regulate supply in an effect to
regulate or manipulate prices.
Select one:
a. Oligopoly.
b. Cartel.
c. Perfect competition.
d. Monopoly.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

In economics, what is the term for a market with only one seller, producing a unique product with no close substitutes? A. Oligopoly B. Monopolistic competition C. Perfect competition D. Monopoly
What is the term used to describe a situation where the price of a good or service is determined by the market forces of supply and demand without government intervention?A) MonopolyB) OligopolyC) Perfect competitionD) Monopolistic competition.
Need answer ASAP Jean City Water District is an example of firm operating under what type of market? a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly
I need help with number 1, 2, 3, 4 1. Which of the following advertisements provides information to the consumer? a. “CarbChips have half the carbohydrates of regular potato chips”. b. “The Taj Mahal restaurant is like a trip to India”. c. “Brain-power Books – just think it!” d. “Avion Airlines wants to take you higher”. 2. Firms in an Oligopoly produce a quantity of output that is less than the level produced by a perfectly competitive market and charge a price that is greater than the perfectly competitive price. a. True b. False 3. Which of the following is true of the model of monopolistic competition? a. Barriers to entry enable firms to enjoy positive profits in the long run. b. The number of firms declines over time as a result of economies of scale. c. The monopolistically competitive firms enjoy a greater market power than a monopolist. d. Firms tend to locate near each other in order to minimize total travel costs for consumers.…
Why do oligopolies exist? Do oligopolies exist due to ? a. market failure b. barriers to entry c. economic profit d. intense competition
Mr Ho’s Chinese restaurant is in a small country town, 50km away from the next nearest Chinese restaurant and 30km from the nearest restaurant of any type. What type of market structure applies to Mr Ho’s restaurant? Select one: a. Monopolistic competition. b. Perfect competition. c. Oligopoly. d. Monopoly.