What conditions must be met for a market to exist?

Q: Does a change in producer`s technology lead to a movement along the supply curve or a shift in the…

A: Supply refers to the quantity of resources, assets, goods, and/or services that producers, financial…

Q: A price below the equilibrium price and quantity between demand and supply will lead to what?

A: Price below the equilibrium price will affect the economy negatively.

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: 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: In your own words, explain the function(s) of prices in market economies. If a society did not have…

A: Market economy: - The market economy is that economy where the production and pricing decisions are…

Q: ppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni…

A: In a free market, price and quantity is determined by the forces of demand and supply. At the…

Q: Why doesn’t the change to equilibrium happen immediately when there is surplus in the market?

A: Demand: It refers to the quantity of a commodity that the consumer is willing and able to purchase…

Q: What might a producer do if consumers stopped purchasing their goods? Provide an example of this…

A: The objective of this question is to understand the possible actions a producer might take if…

Q: Draw a supply and demand curve in which you label price axis, quantity axis, supply curve, demand…

A: Demand refers to the units/ quantity that a buyer desires and able to buy at a given market price.…

Q: Explain why the price in competitive markets settles down at the equilibrium intersection of supply…

A: In an economy, there is a difference in the pricing policy of competitive market and non-competitive…

Q: Sales of masks are skyrocketing due to the coronavirus, leading to rationing and price hikes.…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: What is the difference between demand and derived demand? What examples do you have of goods and…

A: Demand is described as the willingness and ability to purchase a commodity.