societies make decisions about who gets the goods they produce by:

Q: To become an agricultural economist, is it more important to know agriculture or to know economic…

A: Agriculture was a central factor in the emergence of physically active human civilisation, when…

Q: In what direction does the supply curve shift when technology is improved? Draw this curve.

A: Technology is an important determinant of supply. When technology is discovered, it reduces many of…

Q: Describe the role of prices in market economies?

A: In economics, the main goal of all economic agents is to satisfy their unlimited desires and wants…

Q: differences between goods and services?? for economics

A: In economics, products and services are sometimes used interchangeably. Customers are supplied these…

Q: what is demand in micro economics

A: Demand is the number of consumers who are able and willing to purchase goods at a range of prices…

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: The introduction of new technology can affect the amount of supply a business will produce. Will it…

A: The supply schedule illustrates what the firms can produce at every price point and how much they…

Q: Fountain pen and ink are Substitute goods.  True/False

A: # as the name suggest substitute goods are those words which can be used on place of each other for…

Q: Studying the determination of prices in individual markets is primarily a concern of_____________.…

A: Study of economics can be divided into two branches, microeconomics and macroeconomics.

Q: Songwriters and composers press music companies to lower the price for music downloads because

A: The quantity demanded of a good refers to the amount of the good that the consumers are willing and…

Q: m to produce?

A: The above diagram shows the demand curve and the cost curves facing a monopolist.  For a monopolist,…

Q: If the economy goes into recession and income falls, what happened to inferior goods?

A: Inferior goods: The inferior goods are those goods whose demand increases when consumers’ income…

Q: At a price of $4, what would be created and what would the amount of what is created be?…

A: Answer to the question is as follows:

Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…

A: To determine the production method that a producer must always choose.

Q: The term 'marginal' in economics means

A: To find : What did the term marginal means.

Q: Demand in economics

A: Demand is one of the basic and important concept of economics.

Q: the degree of change in demand or supply due to the change in its determinants

A: The demand and supply are the two sides of the market. The demand and the supply in the market would…

Q: if good F and G are substitutes and the cost of a factor of production used in the production of…

A: When one good could in turn be used in place of another good and could be produced while making use…

Q: What are the factors that affect the demand? Provide an example of each factor.

A: Economics uses the interaction of demand and supply to determine the price as well as quantity…

Q: Which of the following is total supply of goods? A. Y B. C+I+G C. C+I D. G=T

A: In an economy, total supply of goods is also represented as the aggregate supply, which explains the…

Q: Suppose that there is sudden new trend for high school students all over the Philippines to ride…

A: The demand for a good is what people want to buy, and what is affordable for them. The goods, and…

Q: Julio makes wine and beer. Last year he made 20 bottles of wine and 20 cases of beer. If the price…

A: Grapes are the raw material used in the production of wine.

Q: The cost of production of a good can increase, which will cause profits to decrease. Will it cause…

A: If the cost of production rises, then the supplier will face increasing costs for every unit of…

Q: What is commodity A.something that producers unable to sell to consumers B.A resource that is…

A: A commodity is a basic good used in trade that may be exchanged for similar products. Commodities…

Q: For which of the following industries is the supply-and-demand model likely to be most accurate? The…

A: In general, industries, where there exists neither excess supply nor excess demand, are considered…

Q: In the markets for factors of production, the government provides firms with inputs for the…

A: Capital is created by the workers of labor on land and entrepreneur is only a special type of labor…

Q: What is market economy

A: The three major questions any country faces are: (i) What to produce- Resources are limited and…

Q: fecting the demand for a specific good?   a.     Consumer income. b.     Pop

A: The overall change in the total quantity present in a market at a particular time is the quantity…

Q: For each of the following events, describe in words what happens to the supply, demand, quantity…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Based on the figure below, an increase in the quantity of oil supplied but NOT in the supply of oil…

A: The given graph explains the change in the supply and quantity supplied in the oil market.

Q: Identify the point or points for which the following is true: Production of pizza can be increased…

A: When two different goods (like pizza and beer, here) are to be produced using the same amount of…

Q: Which of the following most appropriately illustrates the law of supply? Select one: a. corporation…

A: Supply for a good refers to the quantity of the good which the producers are willing to produce at a…

Q: “Tyson Foods warns “supply chain is breaking” amid coronavirus pandemic.” The article states “Beef,…

A: Law of demand states that when there is an increase in price, quantity demanded of the good falls…

Q: Which of the following are determinants of ? supply :Select one .a. income b. input prices c. tastes…

A: When consumer income rises (falls), or consumer tastes shift toward (away from) the good, or price…

Q: Economists refer to the inputs that firms use to produce goods and services as a. derived factors.…

A: Using definition of each and every option. a. Derived factors used to define the eligibility of a…

Q: Describe the role of prices in the market economy?

A: Market economy: the production of goods and services is directed by the laws of supply and demand in…

Q: What is Production Efficiency and Inefficiency in economics? Explain with the help of a diagram.

A: The output approach, also known as the production approach, calculates GDP as the difference between…

Q: How do prices communicate to economic actors?

A: According to prices economic actors behave. For example with less price economic actor demand…

Q: Give two factors that lead to the price of energy from new technologies to increase.

A: Introduction Energy, fossil fuels, oil, and sustainable energy markets are complex and continuously…

Q: At a price of $2, What would be created and what would be the amount of what is created?

A: Shortage: when the quantity demanded is greater than the quantity supplied then it is known as…

Q: Bread and butter are Substitute goods True/False

A: # Goods are considered to be as complement goods if they are used together to satisfy a want. On the…

Q: what is a rationing mechanism?

A: The efficient allocation of scarce resources would help to equal distribution of resources.