Draw a market supply and demand curve representing a state with no restrictions on who can...

Draw a market supply and demand curve representing a state with no restrictions on who can conduct the real estate closing transaction. What would change in the market if a state legislated that real estate closing must be conducted by lawyers? Show this graphically. Are there any reasons that limiting the transactions to lawyers only might benefit consumers?

Solutions

Expert Solution

In this question the cases that there is no restrictions on who can conduct the real estate closing transactions what would change in the market if a state legislated that real state closing must be conducted by lawyers only in this case there is a foundation and there is a restrictions that only lawyers can handle the real estate legislation there is limiting criteria for the other person who can also perform the real estate closing transactions write this case the demand of lawyers.

No lawyer can charge the fees higher than the usual rate because they have the power to conduct the real estate closing transactions in this case when there is no restrictions that who can conduct the real estate closing transaction then demand will rise but if there is a restrictions then it is a case of Limited choice in the hand of the candidates because they have to approach only to the lawyers write so on the demand of lawyers it will increase and will this affect the price will go up it can be represented with the help of a diagram where demand will shift rightward and there is no change in supply then this affect the price will rise.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Draw a supply and demand diagram for the market for food. (a) If the Supply curve...

Draw a supply and demand diagram for the market for food. (a) If the Supply curve is perfectly elastic, what happens to price and quantity when demand shifts? (b) If the Demand curve is perfectly inelastic, what happens to price and quantity when supply shifts?

Draw a supply and a demand curve and label the market equilibrium on the axes with...

Draw a supply and a demand curve and label the market equilibrium on the axes with P1 and Q1. Illustrate the effect of an increase in demand on price and quantity. Label the new equilibrium values on the axes with P2 and Q2. In your own words and in detail explain the market adjustment leading to the new equilibrium. Show the relevant elements of your explanation in the graph

Draw a supply and a demand curve and label the market equilibrium on the axes with...

Draw a supply and a demand curve and label the market equilibrium on the axes with P1 and Q1. In the same graph, show the effects of an increase in supply and an increase in demand on price and quantity. Label the new equilibrium values on the axes with P2 and Q2. Add one more curve – either for supply or demand demand – to your graph and show that the effect of a simultaneous increase in supply and demand...

a. Draw a perfectly competitive firm's labor demand curve and labor supply curve. Label the market...

a. Draw a perfectly competitive firm's labor demand curve and labor supply curve. Label the market equilibrium wage rate and quantity of labor the firm will hire. Label your graph completely. b.Draw the demand and supply curves for labor in a perfectly competitive labor market. Label the equilibrium wage rate and equilibrium quantity of labor. Label your graph completely.

(i) Draw the demand and supply curve for the illegal cigarette market in Australia. (ii) What...

(i) Draw the demand and supply curve for the illegal cigarette market in Australia. (ii) What assumptions have you made about the demand and supply elasticities in the illegal market when compared with the legal market? (This question is based on the article: “Fighting the ‘Up in Smoke’ gangs,” John Silvester. The Age. Saturday, December 16, 2017. Page 38.) Comments: I understand the 'legal' cigarette market within Australia, in this case I believe that demand is elastic as consumers are...

Answer A- H please a) Draw a Supply Curve and the Demand Curve for the Sugar...

Answer A- H please a) Draw a Supply Curve and the Demand Curve for the Sugar Label the supply S1 and the demand D1. Label on the vertical axis P for the equilibrium price and label the horizontal axis Q for the equilibrium quantity. We currently have the sugar market in equilibrium at a price of $3 per pound and 100,000 pounds. Now assume that the state government just announced a new price floor program for the sale of sugar....

Answer A-I please (a) Draw a Supply Curve and the Demand Curve for the US Auto...

Answer A-I please (a) Draw a Supply Curve and the Demand Curve for the US Auto market. Label the supply S1 and the demand D1. Label the vertical axis P for Price and label the horizontal axis Q for Quantity of Milk. Label on the vertical axis the equilibrium price as P1. Label on the horizontal axis the equilibrium quantity as Q1. Assume now that a tariff of 25% is placed on on all steel and aluminum that is imported...

The market supply curve for labor is upward sloping and the market demand curve for labor...

The market supply curve for labor is upward sloping and the market demand curve for labor is downward sloping yet for a single firm the demand curve is flat. Explain. I really dont need the answer, but if someone could explain what this is asking. I get that the market supply curve slopes upward and the demand curve slopes downward, but what exactly is the question getting at when it says a single firm is flat. Is it referring to...

In a market demand and supply equations are: The demand curve is given as: P =...

In a market demand and supply equations are: The demand curve is given as: P = 50 - 3Q The supply curve is given as: P = 10 + 2Q Assuming a perfectly competitive market: What is the total wealth?

Draw a steep labor supply curve and a less steep labor demand curve on a set...

Draw a steep labor supply curve and a less steep labor demand curve on a set of axes. Now suppose demand decreases. Label the old and new equilibria. Draw a cobwebbing path to show how wages and quantities of labor evolved to get from the old equilibrium to the new equilibrium.

Subjects