Q: When analyzing a market, how do economists deal with the problem that many factors that affect the…
A: To examine the study the change in the different factors affecting the market easily, economists…
Q: During the 1990s, technological advance reduced the cost of computer chips. how do you think this…
A: During the 1990s, due to technological advancements, the cost of computer chips reduced, which means…
Q: What is the market situation exist when there are many buyers and many sellers? *
A: There are many type of market in the economy like Perfect competition , Monopoly , Oligopoly and…
Q: What conditions must be met for a market to exist?
A: There are different forms of market, the one discussed in this question is the perfect competitive…
Q: Which of the following markets comes closest to perfect market?
A: In a perfect market, there are large number of sellers selling identical products and charging…
Q: Which of the following is an example of a market
A: Market: A market is a place where buyers and sellers come together for the exchange of goods and…
Q: law of supply?
A: The ‘law of supply’ states, ceteris paribus (keeping other things constant) when the price(P) of a…
Q: Name and describe the four types of markets and the challenges they pose with respect to setting…
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Q: Draw and carefully label the market for honey. How would a disease reducing the mobility of bees…
A: The market for honey can be shown using demand curve and the supply curve. As usual the demand curve…
Q: Explain the law of supply. Why does the supply curve slope upward? How is the market supply curve…
A: Supply is the volume of products that sellers are willing to sell in the market, at a given price.
Q: What best explains a shift in market supply curve to the right?
A: To find : Shift in market supply to right.
Q: During the 1990s,technological advances reduced the cost of computer chips. How do you thunk this…
A: The following figure illustrates the change in equilibrium due to shift in the supply curve. In the…
Q: How does a change in production technology impact supply, demand and equilibrium price?
A: Change in Technology helps improving the volume of production thus resulting in decreased cost of…
Q: With regard to demand and Supply, explain the point of Market Equilibrium
A: Consumers ability to purchase goods and services at given prices during a specific period of time is…
Q: How applicable is the assumption of market clearing is to the market for fast food meals in the long…
A: In any given market, prices always adjust up or down so that the supply is equal to the demand and…
Q: Explain using words and graphs of how the supply curve is derived( where do they come from)?
A: Supply curve grapically represents the correlation between cost of goods and quantity supplied.…
Q: Shifts in the market supply curve will?
A: Supply refers to the quantity of the good which the producers are willing to produce and offer for…
Q: Outline the benefits of 'competitive markets'
A: Competition among rivalry firms will create a lot of positive impacts.
Q: What happens to the supply curve when the price of the factor of production would rise?
A: A rise in the price of factors of production, is a part of other factors other than the price change…
Q: Using the market supply graph, show the law of supply.
A: The law of supply states, ceteris paribus(keeping other things constant) when the price(P) of a good…
Q: Show on a single diagram, given a competitive market, an increase in demand will provide the…
A: Competitive market is the market with large number of buyers and sellers, selling homogeneous goods…
Q: Given a market equilibrium point, explain, using the concepts of demand and supply, how it is…
A: To obtain market equilibrium presence of both demand and supply curves are most essential. Demand…
Q: How should commodities be priced in a competitive economy so as to ensure that consumer's plus…
A: Total surplus is defined as the measure of total wellbeing of all the members of the society, that…
Q: Who are on the supply side of the market?
A: In a market, the equilibrium price and equilibrium quantity of a good is determined by the market…
Q: When the price is above the equilibrium, explain how market forces move the market price to…
A: ‘Equilibrium’ refers to the situation where quantity(Q) demanded equals quantity(Q) supplied. The…
Q: Explain how prices behaves under different markets.
A: Price refers to the amount of money to be paid in order to acquire goods and services. Price plays…
Q: How does the market structure affect the price of a good or service?
A: A market is a gathering of buyers and sellers to reach an agreement on the price and quantity of…
Q: What is a market? What are the characteristics of a competitive market?
A: Trade refers to the sale, and purchase of goods, services, assets, financial securities, factors of…
Q: Name and describe the types of costs marketers must consider when setting prices?
A: Establishing rates dependent on the expenses of manufacturing, shipping, and marketing a good is…
Q: List five things that are held constant along a market demand curve, and identify the change in each…
A: The things that are held constant along a market demand curve are: Consumers’ income Taste and…
Q: dentify and explain the functions of price in the market system
A: In the Market, The price is set by the market force i.e demand and supply. Price plays a very…
Q: Why are participants in competitive markets called price takers?
A: A market is the collection of buyers and sellers. It is the system in which buyers and sellers can…
Q: In the market for some good, demand decreases and supply decreases. What prediction would you make…
A: Demand decreases and supply decreases. Their effect on market depends upon the magnitude of change.…
Q: Explain why the price in competitive markets settles down at the equilibrium intersection of supply…
A: In an economy, there is a difference in the pricing policy of competitive market and non-competitive…
Q: What happens when a producer produces Q* amount of quantity and sells it at the price level of P*?…
A: In a competitive market, there exists a large number of buyers and sellers of the good in the market…
Q: *Analyze the dynamics of supply and demand to anticipate market equilibrium.
A: Economics refer to the study of allocation of scarce resources, in the most optimal way when the…
Q: How would each of the following affect the market supply curve for corn? 1. A new and improved crop…
A: Answer: The market supply curve is upward sloping that shows the positive relationship between price…
Q: Suppose the government put into place a program where steel makers were given a subsidy based on the…
A:
Q: Agricultural goods market depicts characteristics close to
A: To find : What is depicted by agricultural goof market
Q: Who are on the demand side of the market?
A: In a market such as cereal and food market, seller and buyers come together for a purpose of…
Q: a competitive market
A: There are 2 forms of market: Perfect and Imperfect market form. These includes market like: Perfect…
Q: Say whether the following statement makes Good Economic Sense, is Complete Economic Nonsense, or is…
A: The market is a place where the buyers and sellers together interact in the market place and as a…
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- Why/When Producers/sellers are bound to follow law of supply?The cost of production of a good can increase, which will cause profits to decrease. Will it cause the supply curve to increase or decrease?In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity?Graph?