Question

In: Economics

Question 1: forces of supply and demand determine the prices which prevail for most goods and...

Question 1: forces of supply and demand determine the prices which prevail for most goods and services. Take a look again at any Supply/Demand chart. What or who is represented by the segment on the demand curve which is located below the equilibrium price? In truth, this segment represents those would like to buy the particular good if the price was lower, but can’t (or choose not to) buy the good at its currently higher price. Perhaps this is trivial for goods like lattes or services like travel to the Bahamas (it’s not a tragedy that some cannot afford a latte or a trip to Bahamas, right?), but think about other goods, such as antibiotics, or services such as education. If the market sets the price, then there will always be some who can’t quite pay the price required. Does this feature of the market system strike you as immoral? Because “the market” (forces of supply and demand) does not guarantee that everyone who needs antibiotics will get them, should the market be abandoned in favor of some other system of pricing and distributing goods and services? Why or why not? (Consider this from a Christian perspective as well, if you like.)

Question two: Think about the law of supply. It states that as prices rise, quantity supplied will rise, and as prices fall, quantity supplied will fall. Now think about the flat-screen TV market. Over the last 15 years or so, the prices have come down significantly, but there are many more flat-screen TVs produced (supplied) today than there were 15 years ago. Does this violate the law of supply? Why or why not?

Please explain in detail and give examples

Solutions

Expert Solution

***please please like this answer so that I can get a small benefit. Please support me. Thank you***


Related Solutions

The forces of supply and demand determine the prices which prevail for most goods and services....
The forces of supply and demand determine the prices which prevail for most goods and services. Take a look again at any Supply/Demand chart. What or who is represented by the segment on the demand curve which is located below the equilibrium price? In truth, this segment represents those would like to buy the particular good if the price was lower, but can’t (or choose not to) buy the good at its currently higher price. Perhaps this is trivial for...
Q1.The forces of supply and demand determine the prices which prevail for most goods and services....
Q1.The forces of supply and demand determine the prices which prevail for most goods and services. Take a look again at any Supply/Demand chart. What or who is represented by the segment on the demand curve which is located below the equilibrium price? In truth, this segment represents those would like to buy the particular good if the price was lower, but can’t (or choose not to) buy the good at its currently higher price. Perhaps this is trivial for...
Question: By explaining law of demand and law of supply show how prices of goods and...
Question: By explaining law of demand and law of supply show how prices of goods and services are determined in all types of market? What are those forces that move a market towards equilibrium? Why it is not advisable for any government of rely on price floor and price ceiling? chapters 4 and 6
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces that make economies work to search for their market equilibrium. The impact of COVID-19 is an unprecedented event that affects the global economy. In the article, the overall retail sales dramatically dropped by 34.8%, with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in the first five months of 2020. However, online-based consumption, like demand for food delivery, online education...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces that make economies work to search for their market equilibrium. The impact of COVID-19 is an unprecedented event that affects the global economy. In the article, the overall retail sales dramatically dropped by 34.8%, with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in the first five months of 2020. However, online-based consumption, like demand for food delivery, online education...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces that make economies work to search for their market equilibrium. The impact of COVID-19 is an unprecedented event that affects the global economy. In the article, the overall retail sales dramatically dropped by 34.8%, with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in the first five months of 2020. However, online-based consumption, like demand for food delivery, online education...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces that make economies work to search for their market equilibrium. The impact of COVID-19 is an unprecedented event that affects the global economy. In the article, the overall retail sales dramatically dropped by 34.8%, with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in the first five months of 2020. However, online-based consumption, like demand for food delivery, online education...
Discuss the role of the forces of Demand and Supply in gas prices. Use examples. Comment...
Discuss the role of the forces of Demand and Supply in gas prices. Use examples. Comment on OPEC..Organization of Oil Producing Countries
Demonstrate how supply and demand determine the price and quantity exchanged of goods and services. On...
Demonstrate how supply and demand determine the price and quantity exchanged of goods and services. On September 6, 2007, the Des Moines Register's Business Section featured the article Wine Lovers have such fun, they pay to help harvest grapes. The article noted the number of wineries in Iowa increased significantly during the 1990s. It also discussed how Summerset Winery uses volunteers to harvest some of their grapes. The volunteers pay $20.00 for the experience of harvesting grapes. They also receive...
Explain how demand and supply determine current prices of crude oils Depict the answer with a...
Explain how demand and supply determine current prices of crude oils Depict the answer with a graph of demand and supply Explain how future prices of oil will affect the current prices, depict it in a demand supply graph. how does shale fracking technology affects the current price of oil, accompany a graphy with the response
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT