9. In a competitive market, the quantity of a product produced and the price of the product are determined by a. buyers b. sellers both buyers and sellers. C. None of the above is correct. d.
Q: 2. For the bread market right or no shift) in each of the roilowing cases? (a) Costs of producing…
A: Basics:- The supply curve is shifted either of sides ( right or left ) due to factors other than…
Q: What activity defines a market? a) Buyers and sellers negotiate with one another. O b) The…
A: Market: - Market is a place where the buyers and sellers interact with each other in order to…
Q: .Explain, four major socio-economic trends that are impacting the food service-industry today?
A: Answer - Four major socio-economic trends that impacting the food service-industry today are - 1.…
Q: Explain how a freely operating market could eliminate shortages and surpluses.(Go through the steps…
A: There is an automatic market mechanism in a freely operating market. Without any government…
Q: rom the economics information below Answer This QUESTION : What are the main conditions of this…
A: Starbuks had raised prices due to a number of reasons.
Q: 5. Demand and Suooly - Begin each question with a graph showing the following: the market clears at…
A: Answer- There would be a surplus of corn in the market and the equilibrium price will decrease.
Q: 5- The market for pizza has the following demand and supply schedules: PRICE ($) QUANTITY QUANTITY…
A: The demand curve shows the amount of goods and services that a consumer is willing and able to buy…
Q: 4. Define the following: 1. Goods 2. Customer 3. Capital 4. Price and Production 5. Local and…
A: 1 Goods : Anything which provides utility and satisfy human wants are called goods. For example , a…
Q: 1. Markets and competition In a perfectly competitive market, all producers sell goods or services.…
A: Perfect competition is a type of market structure.
Q: 1. Markets and competition In a perfectly competitive market, all producers sell goods or services.…
A: There are two major characteristics of the perfectly competitive market:The same goods and services…
Q: for producers to to pro why? Explain f. e. What will happen to total surplus in the market if 110…
A: A equilibrium is the point where firm maximise the profit and produce efficient level of production…
Q: 3. The government demands that gasoline must be made of 10% ethanol from corn. a. What happens to…
A: (a) The government demands that gasoline must be made of 10% ethanol from corn. This is leads to…
Q: 1. use the theory of market( i.e demand and supply ) to expaln what is happening in each of the…
A: Market refers to a place where goods and services are exchanged.
Q: 5. Demand and Supply - Begin each question with a graph showing the following: the market clears at…
A: Demand is the consumer’s want to buy goods or services according to their willingness to pay.…
Q: 1. Consider the market for bread in I bakeries. How will the market demand curve shift (i.e. left,…
A: In a market, there are various determinants that affects the demand for a specific good.
Q: 1. Consider the outpatient clinic services in hospitals which are of competitive in nature. Analyze…
A: The markets are the place where the buyers of goods, and services meet and interact with each other.…
Q: A) Use the following data to construct the graph for the market for milk. Price ($) 10 12 14 16 18…
A: Price Demand Supply 10 400 200 12 375 300 14 350 400 16 325 500 18 300 600 20 275 700…
Q: 1. Explain and use diagrams, to demonstrate the effect on prices and output if: a. farmers…
A:
Q: High Price Four Options Huh - interesting. James, what does this development mean for the corn…
A: In the market, barley and corn are considered bas substitutes for each other due to which an…
Q: i) In a free market, when the market price is above the equilibrium price, a surplus exists. Falling…
A:
Q: What key ingredients are necessary for the creation of economic demand? Subject: Economics
A: Exonomics is the study of allocating the scarce resource in the most efficient manner. The three…
Q: 20. In the market for fish there are four suppliers. If the price is R50 per fish, Mark's fisheries…
A: Hi! thanks for the question but as per the guidelines, we answer only one question at one time.…
Q: Which graph best represents the effects of a winter frost/freeze on the supply of orange crops in…
A: The markets are the place where the buyers, or the consumers tend to meet and interact with the…
Q: or each of the situations, sketch to show and explain how the following is most likely to affect the…
A: Please find the answer of all thre three given situations below-
Q: 2.Ques-A high school social science teacher reads an article about a shopping mall that straddles…
A: Macroeconomics focuses on aggregate economic developments that study the processes, structures, and…
Q: 4. What is the price at which the quantity of goods demanded, and the quantity of goods supplied…
A: Quantity demanded of the goods refers to the amount of goods the consumers demand at a particular…
Q: 1. If we assume that Coke and Pepsi are substitute products, what would happen to the supply and…
A: Two commodities are substitutes in microeconomics if they can be used for the same purpose by the…
Q: 2. What happens to price and quantity in the market for cigarettes, when: a. A cure for lung cancer…
A: a) Since a cure for lung cancer is found, people will be less bothered about their health problems…
Q: Question Assume a competitive market is in equilibrium. There is an increase in demand, but no…
A: The curve that depicts various quantities of goods and services being demanded by individuals at…
Q: 1.Define the equilibrium of a market. 2.Describe the forces that move a market toward its…
A: As per the law of demand, price has an inverse relationship with quantity demanded.
Q: What are the nature of product sold in perfect market ?
A: A market is a place or a platform where the buyers and sellers meet and interact with each other in…
Q: 1. Describe the difference between demand and supply. 2. How does the law of demand and supply…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Directions: Use the graphs to answer the questions that follow. Cups of Coffee $6 $5 $4 $3 Demand $2…
A: Here, the equilibrium occurs when demand and supply are equal. The surplus or shortage will arise if…
Q: 5. We have 5 groups of consumers on potato market. According to the table calculate total market…
A:
Q: 1. The market for Good A is currently in equilibrium as shown in this graph. The market for good A…
A: As demand rises demand, D curve shift left.
Q: 1. The opportunity cost of the good is: a. greater during periods of raising prices b. equal to the…
A: Opportunity cost Opportunity cost is the cost of next best foregone.The opportunity cost of a…
Q: Question 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium…
A: Substitute goods are those goods that are used for the same purpose and in a similar way. These are…
Q: and cases The following table presents the demand and supply of Orange in the market. By using these…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: Question 19 In a competitive market, no single producer can influence the market price because O…
A: In case of Perfect Competition, there are large number of firms selling identical products. The…
Q: 4. Explain each key ingredients. (ii) There should be willingness to buy the product.
A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…
Q: 4. In the tangerine market, if the price of canning machinery increases and the growing season is…
A: We will be answering these two True and False questions based on concepts similar to complementary…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 7. Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually hap- pens in each situation. a. “A technological innovation that lowers the cost of producing a good might seem at first to resuli in a reduction in the price of the good to consumers. a fall in price will increase demand for the good, and higher demand will send the price up again. It is not certain, therefore, that an innovation will really reduce price in the end." b. "A study shows that eating a clove of garlic a day can help prevent heart disease, causing many consumers to demand more garlic. This increase in demand results in a rise in the price of garlic. Consumers, seeing that the price of garlic has gone up, reduce their demand for garlic. This causes the demand for garlic to decrease and the price of garlic to fall. Therefore, the ultimate effect of the study on…7. A shift in the supply curve of bicycles resulting from higher metal prices will lead to higher prices lower prices a shift in the demand curve larger output a. b C. d.1. Consider the market for bread in bakeries. How will the market demand curve shift (i.e. left, right or no shift) in each of the following cases? , which consists of many price-taking (a) The price of a substitute good falls .. (b) Population rises . (c) Tastes shift away from the good.. (d) The price of a complementary good falls.. (e) The good becomes more expensive left / right / no shift left / right / no shift left / right / no shift left / right / no shift left / right / no shift ........
- 1. Explain and illustrate what's going to happen in the market equilibrium of: a. Holiday abroad when there is a discount offered by domestic hotels. b. Corn when a large number of consumers becoming vegetarians. 2. Explain why the quantity demanded of meat will increase when there is fall in price of meat.If a new breakthrough in manufacturing technologyreduces the cost of producing Blu-rayplayers by half, what will happen to the eachof the following?a. Supply of Blue-ray players.b. Demand for Blu-ray players.c. Equilibrium price and quantity of Blu-rayplayers.d. Demand for Blu-rays.help me tutors (choose answer correctly) not neccessarily to explan. 1. Evaluate the movement from point A to point B on the graph shows. a. decrease in demand. b. decrease in quantity demanded.c. an increase in quantity demanded.d. an increase in demand. 2. According to the graph, what are equilibrium price and quantity. a. $7, 20 b. $5, 40c. $7, 60 d. $3, 60
- 14. Demand for factors of production is A. O Derived demand B. O Joint demand C. O Composite demand D. O None of the above1. Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibrium 2. During the fall of 2015, many vacationers on cruise liners became ill while on board their ships. Consequently, there was a a. Decrease in the quantity demanded of cruise vacations but no change in the demand for cruise vacations. b. Decrease in the demand for cruise vacations. c. Increase in the quantity supplied of cruise vacations but no change in the supply of cruise vacations. d. Increase in the supply of cruise vacations. 3. Which of the following statements is false? a. As more buyers enter the market, the market demand curve shifts to the right. b. As income falls, the…19. The point of equilibrium in the market is important because ______. a. A buyer purchases the product at equilibrium b. Price is fixed for a product at the equilibrium c. All of these. d. A seller sells the product at equilibrium
- Which of the following shifts the supply curve of broccoli? Select one: a. a newly discovered link between broccoli consumption and tooth decay O b. the destruction of much of this year's broccoli crop by hurricanes O c. a newly discovered increase in the nutritional value of broccoli O d. an increase in incomeIf the price of a product is below the equilibrium price, the result will be A. A shortage of the good. B. A surplus of the good. C. A decrease in the supply of the good. D. An increase in the demand of the good.10. What factors can change demand? What factors can change quantity demanded? 11. When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread su other items. Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain vour e, milk, 12. The price of a given-quality personal computer is lower today than it was five years ago. Is this necessarily the resuke of a lower demand for computers? Explain your answer. 13. What is the effect on equilibrium price and quantity of the following? a. A decrease in demand that is greater than the increase in supply b. An increase in supply c. A decrease in supply that is greater than the increase in demand d. A decrease in demand 14. At equilibrium quantity, what is the relationship between the maximum buying price and the minimum selling price? 15. If the price paid is Php40 and the consumers' surplus is Php4, then what is the maximum buying price? If the minimum selling price is…