What drives market towards their equilibrium
What drives market towards their equilibrium?
Expert
The behavior of sellers and buyers naturally drives markets toward their equilibrium. If the market price is above the equilibrium price, then there is an excess of the good that causes the market price to drop/fall. If the market price is beneath equilibrium price, then there is a shortage that causes the market price to increase.
The price elasticity of demand at a specified price and quantity is demonstrated by the ratio of the relative as: (w) change within quantity demanded over a specified proportional price change. (x) reciprocal of the price elasticity o
Refer to the given diagram. Which of the following positions relative to PP1 would be the most likely to result in a future production possibilities curve of PP3, rather than PP2 ? 1) A. 2) B. 3) C. 4) D. Q : Characteristic of the market system Select the right ans wer of the question. Which of the following is not a characteristic of the market system? A) private property. B) freedom of enterprise. C) government ownership of the major industries. D) competition in product and resource markets.
Select the right ans wer of the question. Which of the following is not a characteristic of the market system? A) private property. B) freedom of enterprise. C) government ownership of the major industries. D) competition in product and resource markets.
A purely competitive firm along with no market power faces: (1) a perfectly elastic demand curve. (2) a perfectly elastic supply curve. (3) a perfectly inelastic demand curve. (4) a perfectly inelastic supply curve. (5) a downward sloping demand curve
An unregulated monopoly which does not price discriminate sets price in accord along with the: (w) height of the graph where marginal revenue equals average total costs [MR = ATC]. (x) height of the graph where marginal costs equal av
The capability of otherwise skilled workers to engage in specific careers or enter some professions is most likely most inhibited by: (1) Occupational licensing. (2) Wage discrimination. (3) Segregation in school system. (4) Signaling and screening. (5) Union labor co
Techniques of how to produce?: Broadly, there are two main methods of production. (i) Labour intensive Technique: Under this method, production depends mostly on the
Minimum value of investment multiplier: Investment multiplier K=1/1-mpcWhen mpc = 0 then K=1/1-0 = 1 that is the minimum value of investment multiplier
Can someone help me in finding out the right answer from the given options. The labor union goals for members don’t usually comprise: (i) Higher wages. (ii) Better working conditions. (iii) Bigger fringe advantages. (iv) Elimination of feather-bedding.
I have a problem in economics on Basic definition of Production. Please help me in the following question. Production is the process in which: (i) Technology and human knowledge are utilized to apply energy to convert materials to make them more preci
18,76,764
1942856 Asked
3,689
Active Tutors
1455893
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!