Consider the following statement.  VIRGO HODLER: “Bitcoin’s price will keep going up because there is a fixed quantity of Bitcoin that can be mined, and therefore supply is fixed . All of you who are into gold and silver bullion are cringe. #Poggers!”  What is the main economic problem with Virgo Hodler’s argument? (A) Demand also factors into price.  (B) Even if quantity is fixed, market supply can fluctuate.  (C) Ad Hominem.  (D) A and B.

Q: Four companies dominate the higher education textbook market: Pearson, McGraw-Hill Education,…

A: Oligopoly is a market situation where there are a small number of firms, which have influence over…

Q: Copy and complete the table below. Q MUx MUy AUx AUy TUx TUy MUx/Px=5 MUy/Py=4 MUy/Py=8 1 60 30…

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

Q: In our mixed economic system, who really decides prices? Producers or Consumers? In answering this…

A: An economic system known as a mixed economy combines aspects of free market capitalism with…

Q: B. C. D. E. meaning. Wants and needs are essentially the same, but differ from demand. Needs and…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Theoretically, price is determined by the forces of market demand and supply. However, is it really…

A: Imperfect data alludes to the circumstance where purchasers as well as merchants don't have all of…

Q: Question 1): Explain carefully the distinction between willingness to pay and marginal willingness…

A: In Demand – Supply diagram, demand curve is negatively sloped and supply curve is positively sloped.…

Q: Evaluate the following statements: e. "I hate golf, but I paid so much for the clubs that I can't…

A: Profit maximizing output is where marginal revenue is equal to marginal cost.

Q: Please use these graphs to answer the next questions. In each graph, the vertical axis represents…

A: In the foreign exchange market, equilibrium refers to a state where the supply and demand for a…

Q: 1) How much did egg prices increase from November 2021 to November 2022? How did this compare to the…

A: In 2022, egg prices surged due to the deadliest outbreak of bird flu in U.S. history, which caused…

Q: Often, wages and the prices of services cost more in cities than in rural areas. Is this a deviation…

A: When the price of a good in one country or place must be equal to the price of the same good in…

Q: QUESTION ONE 1.1 Using the diagram below, defend the point that a free market will always move from…

A: DISCLAIMER “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Step 1 Analyze the effect of each scenario on the price of khaki pants. Consider the following…

A: We will solve for the first three scenarios only. Please resubmit the question separately with the…

Q: Decide whether each of the following statement is TRUE or FALSE, and explain the reason for your…

A: Mobile calls are used to make phone calls. Any change in the prices of phone calls will affect the…

Q: What is a Market Equilibrium? Using the given demand and supply schedule, draw market equilibrium…

A: a.  Given  Price Quantity Demanded Quantity Supplied 10 0 40 8 10 30 6 20 20 4 30 10 2…

Q: Fundamental analysis focuses on identifying price targets on charts while technical analysis focuses…

A: The distinction between the two methodologies comes down to what in particular decides a stock's…

Q: 1 2 5 3 Peanut Butter 6 4 Printer Paper 7 1. For each of the following events, state which curve…

A: DISCLAIMER  “Since you have asked multiple questions, we will solve the first three questions for…

Q: a) Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet. With those terms of…

A: Lets graph out the production possibility curve:

Q: During 2009, incomes feel sharply due to the financial crisis of 2008-2009. This change likely led…

A: Given statment is that During 2009, incomes feel sharply due to the financial crisis of 2008-2009.…

Q: What Will Happen to QD, QS, D, S, P, and Q if Toyota, GM, and Ford increase production of…

A: The shift in demand curve is due to the factors other than price like the price of the complementary…

Q: Learnin The majority of fresh fruit consumed in the United States is now imported, much of it coming…

A: Given the world price line is at P=$4  The US imports fruits from Mexico, Chile, Guatemala, and…

Q: Consider the market for loanable funds. For each of the following separate scenarios, draw a graph…

A: The two economic agents known as savers belong to the household sector and investors belong to the…

Q: 3. Prime Minister Osiris gives you The following table, which shows the quantity (in millions) of…

A: Nominal GDP is the current GDP value of goods and services at current year prices. Nominal GDP…

Q: Based on the table above, which of the following is true? OA The money prices of both goods…

A: Relative price: The ratio of the price of one good or service to the price of another. It indicates…

Q: Explain how supply and demand interact to drive markets toequilibrium

A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…

Q: A feature of goods and service markets is that they consider the different prices and quantities…

A: The demand shows people ability and willingness to purchase goods and services while supply shows…

Q: Based on the principles of demand and supply, how is the rising price of gassoline determined?…

A: The principle of demand and supply is a fundamental concept in economics that explains how the…

Q: 25. Shortages and black markets largely came to an end in the Soviet Union because ____________: a.…

A: In a free market, forces of demand and supply helps the market to remain in equilibrium. When the…

Q: A raffle sells 10,000 tickets. Each ticket is sold for $50. Below is a list of prizes and the number…

A: here we calculate the given by following method as follow;

Q: Suppose trading Pokémon cards becomes popular again and a lot of new people start collecting them.…

A: Here, it is given that many new people start collect trading Pokemon cards as they again become…

Q: each case. If consumer income decreases and "road crew" wages fall, quantity will rise and prices…

A: a. Uncertain. In this case, the demand will fall due to decrease in consumer income. When crew wage…

Q: Mowgli and Baloo like to catch fish and pick bananas. Some information about their productive…

A: Disclaimer :- As you posted multiple questions we are supposed to solve only the first one.…

Q: Use the figure below to answer the following question. Price O A B Quantity

A: An illustration of the link between the quantity supplied and the price level is called a supply…

Q: Assume that nylon is used to produce ukuleles. Ceteris paribus, if the price of nylon lowers, then:…

A: The demand curve of a good represents the quantity of the good that the consumers are willing to buy…

Q: The price of a ticket to a concert is set at $550. All the tickets for the concert sell out one hour…

A: Equilibrium refers to the situation in the market when quantity demanded by the consumer equals to…

Q: Ive asked this before but the answer wasn't what I was looking for- for the price of fertilizers…

A: Fertilizers that are produced by using petrol as a key component are known as synthetic fertilizers…

Q: A change in which of the following will cause a movement along the supply curve? Select one: a.…

A: A supply curve denotes the positive relationship between price and quantity supplied so the movement…

Q: 1. Your econ professor would like to buy a Tesla X, but he cannot afford one. He __________ have a…

A: Introduction The amount of a product that is on the market and available for purchase at a given…

Q: Let Q=P be the supply curve and Q=10-P be the demand curve. If the price floor is 4. How much would…

A: Answer: Given, Supply curve: Q=P Demand curve: Q=10-P Price floor = 4 Let us first calculate the…

Q: Consider the market for accountants' services. Using standard notions of demand and supply, for each…

A: Effect of following scenarios on demand and supply of accounting services in the market of…

Q: Explain the impact of higher corn prices on consumers. Draw a graph and upload your graph on canvas…

A: Impact of higher corn prices on consumer:- Increase in price of corn will decrease the quantity…

Q: Question For each sentence below describing changes in the tangerine market, discuss whether the…

A: The minimum measure of remuneration that an employer is expected to pay wage workers for the work…

Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.