What determines the price of a product in a free market? O The government. O Me. The interaction between buyers and sellers. O The CEO of the producing company.
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- wheat market was in equilibrium before the floods but floods washed away from the stock/supply of wheat. Furthermore, the expected shortage results in greater demand which leads to an increase in the price of wheat. how the import of wheat affects the situation. Does free Atta scheme of the government will able to meet current demand or control the wheat price?consumers demand for goods and services, which drives production, is the main element of _____ economy? a) command style demand-side b) fee market demand-side c) free market supply-side d) command style supply-sideexplain whether there has been a market failure, what type of failure, and what measures might solve it, You should consider: the advantages and disadvantages of any solution whether doing nothing might be the best solution the concept of efficiency. The only large employer in a local area pays its employees a low rate, and working conditions are poor. There is high unemployment in the area
- This is a picture of a farmer's market. A farmer's market is a place where farmers bring their fresh produce to sell to consumers at low prices. Based on the information provided to you, name at least two scarce resources that were probably used to produce the fruits and vegetables shown in the picture. What would happen if one of those resources were no longer available? Choose which resource you want to pretend is no longer available, then provide an example as to how the business would be affected.Use the supply and demand data to complete the table. Price Quantity Demanded Quantity Supplied $5 5000 800 10 4000 1200 15 3000 1600 20 2000 2000 25 1000 2400 30 500 3000 Find the equilibrium price and quantity. The country allows free trade with no restrictions. The free trade price of this good is $10.Step 1 In the free market, the equilibrium quantity and demand is determined by the forces of demand curve and supply curve. Demand is the want of consumer backed by the purchasing power. The demand is downward sloping due to negative relationship between price and quantity demanded, other things being constant. Supply is the quantity seller is willing to sell in the market at the given price level. The supply curve is upward sloping due to positive relationship between the price and quantity supplied, other things being constant. Step 2 From the given data, plot the demand and supply on graph representing quantity on the horizontal axis and the price on the vertical axis as shown in figure below: The downward sloping demand curve intersects the upward sloping supply curve at point E corresponding to which price is $5 and quantity is 12 units. b. Subsidies is the negative tax, that is, it is given by the government to the citizens in exchange of production or consumption.…
- Which government policy measure would reduce the price of a product and increase the quantity traded in the market? Pick a,b,c or d a. The setting of a maximum price b. The setting of a minimum price c. The imposition of a tax d. The granting of subsidy2.2 Evaluate the economic effect in the free market of a country for a good if its government imposes a maximum price for the good that lies below its equilibrium price.Do you agree with each of the following statements? Explain why or why not.a. The problem with U.S. agriculture is that there are too many farmers. That is not the fault of farmers but the fault of government programs.b. The Federal government ought to buy up all U.S. farm surpluses and give them away to developing nations.c. All industries would like government price supports if they could get them; agriculture obtained price supports only because of its strong political clout.
- In a market economy the price of something or someone's labor (including wages and salaries paid to sports stars) are determined by: Group of answer choices the government. the social desirability of the product or the service provided. demand and supply.Explain the concepts of consumer and producer surplus? How do they determine the efficiency of a market system? How does this contribute to economists' view of "the big trade-off?5. Which of the following government interventions causes the price that buyers pay for the good to increase? Select one or more: I. Price Floors II. Price Ceilings III. Subsidies IV. Taxes
