Match the non-price determinants of supply with the change in supply. There is only 1 change in Quantity Ssupplied Increase Resouce costs ( Wages or price of a raw material Increases) New Technology Improves Production Government Subsidizes Production (Pays producers) Government Tax on Producers New company starts to produce in a given industry A Company goes bankrupt and stops production Price increases and producers are willing to produce more Decrease in resouce costs ( Wages or price of a raw material Decreases) : Increase in Supply : Decreases in Supply :: Increase in Quantity Supplied :: Decrease in Quantity Supplied IIIIIII|

Q: describe your ideal market

A: A ideal market is one with perfect competition, with prices determined only by demand and…

Q: how did we get price at $10?

A: As discussed earlier, the monopolist has complete and maximum market power. A Monopolist produces…

Q: What is the term for the total number of units that are purchased at that price?     quantity…

A: Demand shows different combinations of price and quantity demanded. It shows that price and quantity…

Q: Is the change in revenue related to an increase in units sold, an increase in prices, or…

A: Revenue is the value of sold products. It is derived as price per unit multiplied by the quantity…

Q: Draw a supply and demand curve for your favorite product. You get a massive raise at work, what…

A: ANS A massive raise at work will increase the income earned by the consumer as a result the consumer…

Q: Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.

A: Demand for a commodity is based on the desire to have that commodity backed by the ability to pay…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: Provide an example of a "real world" application of the theory of the consumer and then the theory…

A: Consumer theory is an economic concept that examines how individuals make rational choices in…

Q: Why do bars offer free peanuts?

A: Bars tend to increase the demand for drinks and beers through the various incentives and…

Q: What does the Hubbert show?

A: In particular, Hubbert's curve alludes forthright at which this creation rate is at its most…