Answered: You may use curves, schedules or…

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter2: Some Tools Of The Economist

Section: Chapter Questions

Problem 15CQ

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You may use curves, schedules or economic theories and principles to justify your answer. 1. Market is a medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange. The price that individuals pay during the transaction may be determined by a number of factors, but price is often determined by the forces of supply and demand. Markets do not necessarily need to be a physical meeting place. Cite at least five (5) examples of market trading that has no physical meeting and justify each example. 2. What do you mean by the concept of utility? How this related to consumer taste and preferences? 3. Discuss the four (4) types of market structures and cite at least two (2) example companies / industries in each type of market structure.

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