Market mechanism means a.. Price and potential supply going to the different direction. . b. Shortage is caused by lower price. c. Higher Price means higher demand. d. Surplus is caused by higher price. . e . None of the above.
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- What is a good or service that has become expensive/cheap due to (a) natural scarcity/abundance of supply or naturally high/low demand, and (b) artificial mean (e.g., government policy, competition restricting practices)?4. Explain each key ingredients. (ii) There should be willingness to buy the product.Plot the below demand and supply schedule. A. What is the market equilibrium? B. Describe the situation at a price of $9. Describe the situation at a price of $3. What will occur? (Show both situations on your graph). If shortage or surplus, how will the price adjust?C. Suppose the government imposed a minimum price of $10. What would occur? Illustrate (show on your graph). Is the situation that results temporary or permanent? Explain D. Indicate what the price would have to be to represent an effective price ceiling (show on your graph). Is the shortage that results temporary or permanent? Explain Price Quantity Demanded Quantity Supplied $1 1000 200 $2 800 240 $3 700 300 $4 640 400 $5 600 600 $6 550 820 $7 520 1000 $8 460 1300 $9 400 1600 $10 300 1950
- (A) Given the following data on individual supply and demand, calculate the market supply and demand. (B) what is the equilibrium price? (C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?3 Questions for Picture 1  A. What is the equilibrium price in this market? At what price is there neither a shortage more surplus? Questions for graph, picture 2(B) Instructions: enter all numeric values without a minus sign. C. Hoe big is the surplus or shortage at $3.40? There is a “shortage (or?) surplus” of ______ thousand of bushels. How big is the surplus or shortage at $4.90? There is a “shortage (or?) surplus” of ______ thousand of bushels. D. How big a surplus or a shortage resort if the price is $.60 higher than the equilibrium price? ______ thousand of bushels E. How big a surplus or a shortage resort if the price is $.30 higher than the equilibrium price? ______ thousand of bushelsA key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. With this assignment, you get a chance to demonstrate your ability to apply what you have learned to the coffee market. Be sure to answer all parts of each of the scenarios below. Students may utilize Paint, Word (the shapes tool under Insert), OneNote (Draw tab), or hand draw the graphs. Scenario 1: Suppose that the FDA increases regulations for coffee. Will this affect the supply or demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: Suppose the Mayo publishes a study finding that the caffeine in coffee increases the probability of getting Alzheimer’s. How do you imagine this will affect the market for coffee? Which determinant of demand or supply is being affected? Show…
- Choose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic systemBased on the principles of demand and supply, how is the rising price of gassoline determined? Should the government regulate the price?Raman noodles are an inferior good. If all consumer's incomes decrease, then the ____ curve shifts causing equilibrium price to _____ and equilibrium quantity to _____. Word bank: Demand, increase, decrease, increase, decrease, supply.
- 1. New advances in recycling technology reduce the cost of producing paper made from recycled material. SELECT THE CORRECT ANSWER a. Which of the following will occur in the market for paper made from recycled material? -supply will decrease -supply will increase -demand will decrease -demand will increase b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? -surplus, rise -shortage, rise -shortage, fall -surplus, fallPlease provide answers no need long explanation just a simple one. Scenario: Consider the market gold, if people expect a lower future price of gold. Change in market equilibrium price: Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity: Increase Decrease Din not change Indeteminate Change in Demand: Increase Decrease Din not change Indeteminate Change in Supply: Increase Decrease Din not change IndeteminateHow does a market reach equilibrium without any outside intervention? Explain using the supply and demand concept. Please use proper graph.Thank you sir.
