Question
In: Economics
What do economists mean by market equilibrium? Identify the characteristics. Define a shortage and explain what...
What do economists mean by market equilibrium? Identify the characteristics. Define a shortage and explain what will happen to price if there is a shortage? Why does price change? Define a surplus and explain what will happen to price if there is a surplus. Why does price change?
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
What do economists mean by market equilibrium? Identify the characteristics. Define a shortage and explain what...
What do economists mean by market equilibrium? Identify the
characteristics. Define a shortage and explain what will happen to
price if there is a shortage? Why does price change? Define a
surplus and explain what will happen to price if there is a
surplus. Why does price change?
(a) What do economists mean by the phrase “the Long Run (LR) equilibrium?” (b) Draw the...
(a) What do economists mean by the phrase “the Long Run (LR)
equilibrium?” (b) Draw the relevant diagram for the classical model
to indicate a point where the relationship described in 1(c) holds
as the LR equilibrium. (c) Provide one clue from 2 (b) that helps
us to infer that the LR equilibrium GDP may change over time even
without any policy intervention. (d) Under what condition, the LR
equilibrium GDP becomes the LR steady state GDP? (e) Draw the...
How do economists define money? Explain. What are the three functions of money? Explain each. Explain...
How do economists define money? Explain. What are the three
functions of money? Explain each. Explain the evolution of money
from the 19th century to modern times. How can a rapid
inflation degrade the ability of money to carry out its three
functions? Explain.
Q3. WHAT IS MARKET EQUILIBRIUM? MARKET SURPLUS? MARKET SHORTAGE? ANSWER ALL THREE QUESTIONS AND GIVE YOUR...
Q3. WHAT IS MARKET EQUILIBRIUM? MARKET SURPLUS? MARKET SHORTAGE?
ANSWER ALL THREE QUESTIONS AND GIVE YOUR ANSWER IN 5 BULLET POINTS
WITH COMPLETE EXPLANATIONS, DIAGRAMS (IF NECESSARY) AND EXAMPLES |
EACH BULLET POINT CARRIES 1 MARK = 5 MARKS
Choose all answers that are correct: When economists speak of a shortage, they mean a situation...
Choose all answers that are correct: When economists speak of a
shortage, they mean a situation in which
I. The market price is temporarily "stuck" above the equilibrium
price
II. The market price is temporarily "stuck" below the
equilibrium price
III. The quantity demanded exceeds quantity supplied
IV. The quantity supplied exceeds quantity demanded
Group of answer choices
a.I and III
b.II and IV
c.II and III
d.I and IV
If the market price is above the equilibrium price: A) A shortage will occur and producers...
If the market price is above the equilibrium price:
A) A shortage will occur and producers will produce more and
lower prices
B) A surplus will occur and producers will produce less and
lower prices
C) A surplus will result and consumers will bid prices
up
D) Producers will make extremely high profits
A product market is in equilibrium:
A) when there is no surplus of the product.
B) when there is no shortage of the product.
C) when consumers...
Explain the concept of equilibrium as it pertains to Demand and Supply; identify what market forces...
Explain the concept of equilibrium as it pertains to Demand and
Supply; identify what market forces keep a market from reaching
equilibrium, and why the natural tendency is to move toward
equilibrium. In your answer be sure to also explain what causes
shifts vs. movement in both Demand and Supply.
First, what are three characteristics (or attributes, as some economists lie to call them) that define...
First, what are three characteristics (or attributes, as some
economists lie to call them) that define monopolistic competition?
Second, how is monopolistic completion like competitive markets?
How is monopolistic competition like a monopoly? Finally, given
your understanding of monopolistic competition from an economic and
business perspective, does this mean markets and industries need to
be heavily regulated? If so, why? If not, why not? You
Describe equilibrium, surplus and shortage. For each situation, explain what the relationship is between Qd and...
Describe equilibrium, surplus and shortage. For each situation,
explain what the relationship is between Qd and Qs, and between S
and D. What is causing these relationships to exist?
How do economists define a "bubble"? Provide an example of an asset market that you think...
How do economists define a "bubble"? Provide an example of an
asset market that you think could be the next bubble and explain
why.
Reference to verify answer
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