In microeconomics long run equilibrium will prices rise or fall

Q: Does a change in technology lead to a shift in the demand curve? Why, or why not? Your answer cannot…

A: Actually in the given question the change in technology or the technological progress always allows…

Q: In what direction does the supply curve shift when technology is improved? Draw this curve.

A: Technology is an important determinant of supply. When technology is discovered, it reduces many of…

Q: Which of the following graphs represents the supply for peanut butter if the cost for peanut…

A: Demand and Supply In the field of economics, demand is defined as the willingness and capacity of…

Q: Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph…

A: The markets tend to work upon the basis of the forces of demand and supply. The demand for goods,…

Q: The introduction of new technology can affect the amount of supply a business will produce. Will it…

A: The supply schedule illustrates what the firms can produce at every price point and how much they…

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: make your own supply and demand curve problem and graph and interpret your own graph

A: The demand supply problem can be explained with the help of a diagram as follows :

Q: How does a change in production technology impact supply, demand and equilibrium price?

A: Change in Technology helps improving the volume of production thus resulting in decreased cost of…

Q: how to work out demand curve?

A: The demand curve represents the number of goods demanded by consumers at different market prices. A…

Q: Which of the following describes a supply curve? Price Quantity $1 50 $2 100 $3 150 $4 200 $5 250 $6…

A: We know that the supply curve is upward slopping curve.

Q: Explain J B Say’s Law of Market

A: Law of market was developed in 1803 by the well known economist J B Say.

Q: Price 32 30 28 26 24 22 20 18 16 14

A: We need to find out equilibrium point,

Q: explain the Approximating a Continuous Demand in microeconomics

A: Demand refers to the quantity of goods and services the consumers are willing to buy at various give…

Q: What does it mean and what does it entail if a market is more competitive?

A: According to economic theory, market structure defines and categorizes enterprises based on the…

Q: In economics we argue that the demand curve in competitive market is where px = MUx, Centris…

A: Demand is the want which is backed by the purchasing power. Purchasing power is determined by the…

Q: Equilibrium Describe what happens in a market when sellers set prices above the equilibrium price.…

A: The utility function displays all commodity bundles with the same utility level. The indifference…

Q: In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages.…

A: The equilbrium price and quantity of a good sold in the market are determined by the forces of…

Q: show a graph with  supply and demand curve

A: The demand curve is a negatively sloped or downward-sloping curve, which is the graphical…

Q: Why are participants in competitive markets called price takers?

A: A market is the collection of buyers and sellers. It is the system in which buyers and sellers can…

Q: Supply Curve and give interpretations.

A: Supply and Supply Function : By supply it is meant that the amount of a commodity offered for sale…

Q: 2.2 What is the law of supply? What are the main vari- ables that will cause a supply curve to…

A: Supply is the amount of a resource which the labourers, providers of financial assets,firms,…

Q: Draw a graph of a competitive market in equilibrium, and illustrate a decrease in Supply. Carefully…

A: In a market, the demand-supply framework is used to explain the market condition in terms of its…

Q: Define market supply in one sentence

A: # The law of supply says that price and supply has Direct relationship. If price falls then supply…

Q: Why are demand and supply diagrams so interesting and important?

A: A demand diagram shows the quantities of a commodity that buyers are willing and able to purchase at…

Q: Do you think the level of technology available have an impact on the supply of a product? Using…

A: Level of technology and supply have direct relationship.

Q: Explain briefly what is a supply curve.

A: In a market, supply refers to the economic term used to explain the behavior of the producer who…