Economic power is diffused throughout an economy when Multiple Choice O the government decides what the price should be and then sets the price in the markets. a single seller can dictate the price of the product or resource in the markets. there is competition with many buyers and many sellers acting independently of each other in the markets. a single buyer can dictate the price of a product or resource in the markets.

Q: A market consists of ten similar suppliers that are making the same supply decisions. To find the…

A: Market Supply Curve: It is the graphical representation of the summation of all individual Supply…

Q: What is a market efficiency and how is the market model used to test for the market efficiency? (a…

A: Market efficiency is an important concept in economics because it helps to determine the efficiency…

Q: when the price of a product decreases what happens to supply and demand. Show in a graph.

A: The link between the amount of a product provided and its price, while maintaining other variables…

Q: QUESTION 9 Consider a local fast food restaurant. The following table shows the maximum price that…

A: Bundled price is a pricing strategy in which a group of products or services are offered together as…

Q: When does inefficiency exist in an economy? when a good is distributed fairly among buyers when a…

A: A situation where "we could be doing a better job," that is, achieving our goals at a lesser cost,…

Q: What are the basic differences between “competitionin the market” and “competitionfor the market”?

A: Competetion in the market refers to the creation of competition in the market in the form of new…

Q: Suppose there are four villagers who can either raise sheep or bake bread. A sheepherder must buy a…

A: In economics, common property rights are generally referred to as common pool resources,, they are a…

Q: To what extent should the government interven in the market? Write a long 500 word answer.

A: The government interference in the market is restricted by Keynes, according to him the government…

Q: Welfare analysis in microeconomics is used to measure how policies affect the surplus of (check all…

A: Meaning of Cost-Benefit Analysis: The term cost-benefit analysis refers to the situation under…

Q: Why does control of prices of some commodities by the government become inevitable? Need a full…

A: The governments across the world usually follow the policy of economic intervention by imposing…

Q: what does it mean for a market to be charcterized

A: A market is a particular place where two parties come together or meet to facilitate the exchange of…

Q: The demand and supply of widgets is given below.  Q is quantity, and P is price of widgets Q  =…

A: Demand is the desire backed by a willingness to pay and the ability to pay by an individual. The…

Productive and Allocative Efficiency Analysis

Productive efficiency, also referred to as production efficiency is a term in economics describing the level at which a company is operating at its maximum capacity. Beyond this point, the entity will be unable to manufacture any additional goods without cutting down another product’s production level. This occurrence is an outcome of production happening alongside a Production Possibility Frontier (PPF).