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- Shortage conditions (shortages) will cause suppliers / producers to increase prices in order to gain more profits so that prices return to the equilibrium pointtrue or false?differentiate increase in supply vs. increase in quantity supplied. Provide real world examplesthe variety of supply curves Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
- When a store cannot get an item due to a lack of supply, it can offer the customer a few options. Which of the following is not an option that stores should offer customers when supply is low? The store can contact the customer when the item is back in stock. The store can pay to have the item shipped directly to the customer from the producer. The store can offer the item for free when the supply is restored. The store can apologize for not having the item and lose the sale.A demand schedule shows....the “market potential” for a product.how much consumers are willing and able to buy at different prices.possible combinations of output under different conditions.how much producers would like to sell at different prices.All of these responses are correct.The price of one unit of an item or amount is called unit price. Group of answer choices True False
- A decrease in the cost of the flour used to bake bread is most likely toSuppliers will provide more of a good when the market price increases. the good is a normal good. resource prices increase. there is a decrease in demand.What is wrong with the statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period: Instead of “demand”, it should be “quantity demanded”. Instead of “willingness”, it should be “ability”. Demand refers to the willingness and ability of buyers, not just willingness. There is nothing wrong with the statement.
- 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.Any consumer trying to decide whether to buy a given good or service will base the decision on his or her reservation price and the existing market price.When making this decision, the buyer's reservation price measures the marginal cost: the cost of production. marginal benefit: the value of the resources used in production. marginal benefit: the highest price that a buyer is willing to pay for a product. marginal cost: the lowest amount the buyer is willing to pay for a product. The market price measures the marginal cost: the amount that buyer will actually have to pay. marginal benefit: the value of the resources used in production. marginal cost: the cost of production. marginal cost: what the buyer is willing to pay. The consumer will purchase the good or service only if the buyer's reservation price is equal to or higher than the market price. lower than the market price. higher than the market price. equal to the market…For each of the alternatives below, explain for each one whether it is true, false or uncertain, based on the following statement:"Flour is an inferior good. So, if per capita income falls":(a) the supply of flour will shift to the left.(b) the quantity of flour supply will fall.c) The demand for flour will shift to the right.d) The demand for flour will shift to the left.
