Exploring Microeconomics
8th Edition
ISBN: 9781544339443
Author: Sexton, Robert L.
Publisher: Sage Publications, Inc., Corwin, Cq Press,
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Chapter 5, Problem 8P
To determine
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Explain how demand and supply interact to determine the prices of goods and services and the quantities exchanged.
Apply demand and supply analysis to a variety of topics in a market economy, including problems of price controls and rent controls, minimum wage laws.
What is the difference between demand and derived demand? What examples do you have of goods and services you buy in product markets? What examples do you have of resources your workplace (or another workplace) buys in resource markets?
The introduction of new technology can affect the amount of supply a business will produce. Will it cause the supply curve to increase or decrease?
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Exploring Microeconomics
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- Identify ALL the factors that can shift a supply curve? and Explain briefly how each factor impacts the respective supply curve?arrow_forwardWhich of the following is not a factor affecting the demand for a specific good? a. Consumer income. b. Population and demographics. c. Tastes. d. Prices of input factors used to produce the good.arrow_forwardDoctors must complete four years of undergraduate education and four years of medical school, and work three to eight years in a hospital before they can fully practice on their own. In contrast, a worker at a fast-food restaurant need not complete high school.Using a supply and demand analysis explain why doctors earn higher wages than fast-food workers do.arrow_forward
- 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?arrow_forwardCar Manufacturer Scenario: Be specific and explain why you came to that conclusion using the principles of supply and demand.arrow_forwardIf supply is diminished what happens to the price of goods? What happens to the demand for goods? Use your research to explain your conclusions and include a graph for at least one of your examplesarrow_forward
- How can we apply the supply and demand analysis to a competitive market? What is a real-life example of an increase in the number of consumers in the market or an increase in the number of sellers/buyers in the market (competitive market)?arrow_forwardBasic demand and supply analysisarrow_forwardFind market equilibrium quantity of enrollment and optimal quantity of enrollmentarrow_forward
- In a graph of supply and demand, the intersection of the supply and demand curves for a good represents the equilibrium price for that good. True Falsearrow_forwardWith respect to the demand for college enrollment, does an increase in textbook prices. cause a movement along the demand curve or a shift of the demand curve?arrow_forwardDecide if the factors in the table will cause which of the following movements to happen in the market of milk: A = A shift of the demand curve B = A shift of the supply curve C = A movement along the demand curve D = A movement along the supply curve E = Shift to the left F = Shift to the right G = Move upward H = Move downward Factor A or B or C or D? E or F or G or H? i) An increase in the prices of raw materials used to produce milk ii) A fall in the current price of milk iii) Milk producers receive subsidies from the government iv) A rise in consumer income due to economic growth (assume that milk is a normal good)arrow_forward
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