The rationing function of prices refers to the:         tendency of supply and demand to shift in opposite directions.        fact that ration coupons are needed to alleviate wartime shortages of           goods.        capacity of a competitive market to equate the quantity demanded             and the quantity supplied.        ability of the market system to generate an equitable distribution of             income.

Q: If quantity supplied exceeds quantity demanded, so that there is a surplus of a good as in the case…

A: When there is a surplus in the market due to the supply exceeding demand and the government imposes…

Q: If the price of a good is initially below the equilibrium level         excess demand exists.…

A: Equilibrium price: At this supply of goods matches the demand.

Q: Which of the following will NOT shift the supply curve? Choose all that apply.    A. The price of…

A: Supply Curve: - supply curve is the graphical way of showing the relationship between the quantity…

Q: Is the following statement true or false? An increase in both demand and supply of a product will…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: The price of one unit of an item or amount is called unit price. Group of answer choices True False

A: unit price is a valuation method for consumers who buy in bulk.

Q: Explain how demand and supply interact to determine the prices of goods and services and the…

A: The demand curve which represents the change in demand of a commodity because of a change in its…

Q: When the price of a good is higher than the equilibrium price, ..................... a) sellers…

A: The demand curve of a good shows the existence of an inverse relationship between the price of the…

Q: Goods x and y are perfect substitutes. When the market price of good x is $5/unit, firm F produces…

A: Perfect substitutes are goods/services that can get used in place of each other. The demand for a…

Q: The amount of a good or service that buyers are willing and able to buy at a given price is called:…

A: Demand: It is the desire or ability to purchase a good or service.

Q: Pepperoni Shortage Forcing Pizza Shops to Cough Up More Dough As first reported by Bloomberg,…

A: Cross price elasticity is defined as the responsiveness of the quantity demanded of a commodity with…

Q: Consider a Kenyan labor market with the following demand and supply functions respectively: QD = 200…

A: Equilibrium is achieved at the output level where Qs=Qd

Q: Equilibrium in the market is achieved when

A: In any kind of market, equilibrium is determined by the invisible forces of supply and demand.…

Q: Which of the following statements is true about the law of demand and supply. Group of answer…

A: Introduction:  The law of demand says that at higher prices, buyers will demand less of an economic…

Q: If the minimum wage is set below the equilibrium wage rate, then the following will hold true: A)…

A: Minimum wage is definer as the least amount of wages that the producers have to pay to the workers…

Q: Equilibrium in the market is achieved when * A. there is the same number of buyers and sellers.…

A: Equilibrium refers to the state of balance in an economy. The price at this point is known as…

Q: A schedule which shows the various amounts of a product producers are willing and able to produce at…

A: Difference between demand and quantity demanded Demand - it refers to the quantity of a good that a…

Q: The quantity demanded of a product increases as its price declines because the .......…

A: Quantity demanded may be a term employed in economics to explain the full amount of a decent or…

Q: Holding all else constant, an increase in the price of a good would necessarily Group of answer…

A: At a marketplace, a change in price level will have an impact on producers', consumers', and social…

Q: The market for plastic has been estimated to have these supply and demand relationships: Supply Q =…

A: (a)  At equilibrium, demand and supply curve intersects each other (or demand and supply are equal…

Q: the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 8. if the…

A: Answer to the question is as follows :

Q: A nonbinding price floor has which of the following consequences? Group of answer choices The…

A: Price floor: Price floor is the price control by the government or lower limit of the price below…

Q: The following factors could shift up (or to the left) the total Supply Curve of Labor, leading to a…

A: The curve that depicts quantities of goods and services being supplied by producers at various…

Q: For the following four questions, determine what happens to supply or demand of product X,…

A: Demand and supply are the two forces which run the market. Consumer in the market comes with the…

Q: Another term for equilibrium price is: a. market-clearing price. b. satisfactory price. c.…

A: In goods market, equilibrium(P* and Q*) are found by the intersection of demand(dd) and ss(supply).

Q: Rent control a. is an example of a price ceiling. b. leads to a larger shortage of apartments in the…

A: A price ceiling is a price limitation, or limit, placed by the government or a group on the amount…

Q: In a competitive market, the actions of any single buyer or seller will adversely affect the…

A: Competitive market: Competitive market is the market structure where there exist a large number of…

Q: Supply and Demand: Around the World At Tokyo Disneyland, the quantity of rides supplied at the…

A: The determinants of supply refers to the factors which affect the supply of goods & services.…

Q: Price Old supply New supply Quantity Which of the following events would lead to a shift of the…

A: Answer:  Option C is correct.  In this figure, the supply curve shift rightward direction means that…

Q: Supply Demand QUANTITY For an output level exactly at QE, the value of a unit to a buyer is the cost…

A: Given:-

Q: Refer to Question 3a.  If the price of $25 on the image above is a price floor, then it would be…

A: At a marketplace, an efficient outcome refers to the one at which quantity demanded of a product is…

Q: When a price floor is set below the market equilibrium price:   a. quantity supplied will exceed…

A: Price control is the policy used to control the prices of goods and services in the market.

Q: If the equilibrium quantity in a competitive market is 25, but society (by some means) buys and…

A: It is given that equilibrium quantity is 25 units in a market.

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: When the minimum wage is set above the equilibrium market wage,     there will be an excess demand…

A: In the labor market, equilibrium wage is determined by the intersection of 'the downward sloping…

Q: A favorable supply shift for producers will be a shift to     A. the left of the supply curve.   B.…

A: The supply curve is the curve which represents the levels of quantity supplied at various price…

Q: Good X and good Y are substitutes. If the price of good Y increases, then the a. Demand for good X…

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

Q: Question 10 A supply curve slopes upward because Group of answer choices an increase in input prices…

A: Below is upward sloping supply curve:

Q: If the price is below the equilibrium level, then the quantity demanded will exceed the quantity…

A: At equilibrium, quantity demanded is equal to quantity supplied.

Q: A supply curve slopes upward because quantity supplied is higher when price is higher.  True  False

A: Supply curve, in economics, graphic representation of the link between product price and quantity of…

Q: According to the law of supply, firms are willing to produce a greater quantity of a good when the…

A: Supply curve is upward sloping showing a relationship between price and quantity supplied.

Q: Select correct one In an imperfect market, individual firms: a. are always able to set the…

A: In business and economics, a market is defined as where the sellers and consumers meet to facilitate…

Q: Which of the following would occur if minimum wage in Ottawa is above the equilibrium wage? quantity…

A: Minimum wage is an example of price floor. Wage cannot fall below this level.

Q: Question 6 The market demand curve Group of answer choices represents the sum of the prices all the…

A: A graphic representation of the connection between item cost and the amount of the item requested.

Q: Because the market supply curve is the sum of individual producers' supply curves, an increase in…

A: The quantity of a commodity that producers are willing and able to produce at specified prices…

Q: Resource X is necessary in the production of good Y. If the price of resource X decreases A) the…

A: Answer: Correct option: B (The supply curve of Y shifts rightward) Explanation: X is an input used…

Q: A severe freeze has once again damaged the Ontario grape crop. Which of the following best describes…

A: We have damage on grape crop which is an important ingredient of wine.