The market supply curve is the ________ of the ________. Question content area bottom Part 1 A. vertical sum; individual supply curves B. horizontal sum; individual supply curves minus the market demand C. horizontal sum; individual supply curves D. vertical sum; individual supply curves minus the market demand E. vertical average; of the individual supply curves
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The market supply curve is the ________ of the ________.
Question content area bottom
Part 1
A.
vertical sum; individual supply curves
B.
horizontal sum; individual supply curves minus the market
C.
horizontal sum; individual supply curves
D.
vertical sum; individual supply curves minus the market demand
E.
vertical average; of the individual supply curves
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- Choose the best answer. Explain why it is the best answer. We care about the reasoning more than just havingthe right answer.1. Low skill industries . . .A. Reach their largest size in relatively small cities.B. Are relatively larger (compared to high skill industries) in small cities.C. A and B.D. Neither A nor B.If firm sales (revenue) is increasing but costs areincreasing faster (MR<MC) then: Answer: "Y" for Yes or "N" for No How are the following measures affected? *assume the following effects are in time order Increase (right) Decrease (left) No effect Unknown Preference for the good being sold Firm Profits Output Supply shifts Output market price Factor demand shifts (relative to output) Wages (income) Economic (Consumer) Welfare due to wage effect Labor supply shifts (due to wages) Leisure (due to wage change) Economic (Consumer) Welfare (overall) Demand for substitute goods Preference for related goodsMCQS with reason 5 . In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b 6. In economic theory the term “means” refers to (a)Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None 7. Market equilibrium of a commodity is determined by (a)Balancing of demand and supply position ; (b) Aggregate demand ; (c) Aggregate supply; (d) Government intervention 8. Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive 9. Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d)Air 10. Which of the following is/ are an economic
- Demand: Thinking Like a Buyer — End of Chapter Problem The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided. Gallons consumedper week Ang’s marginal benefit Tony’s marginal benefit Gianna’s marginal benefit 1 $7 $4 $8 2 $5 $3 $6 3 $3 $2 $4 4 $1 $1 $2Demand: Thinking Like a Buyer — End of Chapter Problem The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided.Economics PROBLEM SET 2 Supply and Demand DEMAND/SUPPLY SCHEDULE 1 DEMAND/SUPPLY SCHEDULE 2 Price Qd Qs Qd + 200 (at each price) Qs + 200 (at each price) $50 200 800 $45 300 700 $40 400 600 $35 500 500 $30 600 400 $25 700 300 $20 800 200 Please complete demand/supply schedule 2 i.e if Qd and Qs from schedule 1 are increased by 200 units. Determine equilibrium Price & Quantity in Schedule 1. Determine equilibrium Price & Quantity in Schedule 2. Assume a price floor of $45 in Schedule 1; what is the result? Assume a price ceiling of $25 in Schedule 1; what is the result? In both cases what is the…
- Step 1: Define agriculture industry Agriculture being the primary sector, it not only includes arable farming but also animal husbandry, horticulture, and forestry. The article provided in the question talks about animal husbandry, which is a kind of agricultural practice where animals are raised on farms for their meat, fibre, and dairy products. Animals are selectively bred and raised for economic profit. Step 2: Answer (1) The author highlights the prosecutor's comparison of injured piglets to dented cans in a grocery store, as he wanted to underscore the dehumanization and commodification of animals. The main aim of the author was to invoke empathy among the readers. Just like a dented can in a grocery store, which is nothing but a commodity that is discarded due to its dent, pigs and other animals on farms are raised until they have the potential to provide a certain amount of economic profit, but if they get injured, they lose their economic value to the farmer and thus would be…10. What is the willingness and ability of producers to offer a good for sale referred to as? A) Private enterprise B) Supply C) Free market economy D) Law of supply 11. A key to business success is to decide in advance how to respond to the issues that underlie all questions of ethics and A) personnel complaints B) compensatory damages. C) governmental support D) social responsibility1) Turbines, aerospace products, optical equipment, and measuring instruments, are examples of products that are normally produced and consumed in ____________________ economies. Group of answer choices low income high-income low-to-medium income emerging-market 2) One market segment that is pursued by global marketers around the world is that of the middle-class family. This would be an example of what kind of bases for global market segmentation? Group of answer choices distribution promotion environmental marketing management 3) When efforts are made to localize some of the tactical marketing program elements (e.g. distribution or product sizes) of a global marketing program, this is referred to as ____________________. Group of answer choices mixed marketing concentrated marketing decisions localized pricing glocalization
- 1.) Scarcity and Choice Understanding what the market system does well and what it does badly is essential for developing solutions to the fundamental economic problem: how to best manage the resources of society despite their scarcity. As a result, all economic decisions involve trade- offs. A well-functioning market system facilitates such decisions by assigning an input to where it will best serve society. The supply and demand model show how a competitive market behaves. This model is the most basic tool used by economists to measure and illustrate how the interactions in a market system determine price and quantity . First, briefly explain the reason(s) why the true cost of any decision is its opportunity cost; Next, list the three decisions every household or firm must make in deciding how to allocate its scarce resources and briefly explain the exchange in which of the possible combinations of outputs to producer is carried out as well as the system in which it is decided how…Supply: Definitions Law of supply Supply schedule and supply curve Determinants of supply What causes the supply curve to shift left or right? This could include, amongst other things The cost of factors of production The price of other products that the producer could produce instead of the existing product. Government intervention Taxes Subsidies The state of technology Expectations Number of sellers Change in supply vs. a change in quantity supplied Distinction between a movement along a supply curve and a shift of the supply curve Change in price vs. a change in a non-price factorHow can these topics be applied to the real-world work environment of the corporate economist? The market and equilibrium The demand side of the market The supply side of the market