What is a free market         a) a store where goods are free       b) an economy controlled by the government       c) a system based on competition between privately owned businesses offering a similar product or service       d) factories that do not have to pay rent

Q: What is the purpose of a boycott? Describe the characteristics of companies and consumers that are…

A: The purpose of a boycott is for a consumer to refrain from purchasing, utilizing, or dealing with a…

Q: The area under the supply curve represents _____.     the fixed cost of producing the good or…

A: The demand curve illustrates the relationship between the quantity demanded and the price of a good.…

Q: When economists say that market equilibrium is consistent with economic efficiency, they mean the…

A: Economic efficiency implies that all the resources are completely utilized. Total surplus, including…

Q: Market failure refers to a situation when  a. Social efficiency is not achieved  b. Perfectly…

A: The economic condition described by the inefficient distribution of products and services in the…

Q: The graph shows the cost curve of a firm in a competitive market. If the market price is $30, what…

A: A competitive market is characterized by a large number of buyers and sellers. Each seller will be…

Q: What would the supply curve for houses (in a given city) look like for a time period of 2 hours

A: Supply is the quantity of any good or services that the producer is  willing to sale in the market…

Q: Looking at the market for Sacramento Kings Coffee Mugs: Draw supply and demand curves that follow…

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

Q: happen if a company produce supply more than customer demand

A: When a company produce supply more than the consumer demand, then it is a situation of excess…

Q: The government in your country is considering three programs that affect the market for cigarettes.…

A: Program 1 and the program 2 can be implemented to support farmers while reducing the consumption of…

Q: Services are perishable, which means they cannot be stored or inventoried. What attempts might a…

A: Economics as a subject is used to study and plan the allocation of scarce resources among humans…

Q: The free market gives rise to what is consumer sovereignty. Explain how this consumer sovereignty is…

A: Consumer sovereignty refers to a kind of economic system in which the choices and the preferences of…

Q: Imagine that in the fictional country Microtopia, the market for a specific good is controlled by a…

A: In monopoly, eqm Q(quantity) is found by the intersection of MC(marginal cost) and MR(marginal…

Q: Which of the following represents a market failure? a) people prefer to have more restaurant meals…

A: Market failure is the economic situation defined by an inefficient distribution of goods and…

Q: The efficient market quantity is the quantity where Obenefit; cost minimum cost; marginal cost…

A: The efficient quantity is where the marginal benefit curve intersects the marginal cost curve. The…

Q: what sort of shift in supply or demand would result in a market equilibrium with higher prices and…

A: Demand curve is downward sloping and supply curve is upward sloping in the price, quantity space.…

Q: A product's market price is determined by the _____.         customers…

A: The objective of the question is to identify the primary determinant of a product's market price.

Q: If the UK government paid a fixed subsidy to existing restaurants for each day on which they are…

A: If the UK government paid a fixed subsidy to existing restaurants for each day on which they are…

Q: In a market economy, what mechanism determines the price and quantity of goods sold? A) Government…

A: The issue is to distinguish the system in a market economy that normally lays out the costs and…

Q: Write a sentence or two defining the following terms in your own words. Give examples of each. a.…

A: A) Market Equilibrium Point  It means the point where forces of demand and supply equals.  So it…

Q: Equilibrium is reached in a market because both consumers and producers have an incentive to change…

A: Equilibrium refers to  a situation at which the demand is equal to the supply in a market. There is…

Q: ott's is the only veterinary clinic in a remote village. The graph shows the demand curve for the…

A: Monopoly Price: A monopoly has the power to set the price of its product. Unlike in a competitive…

Q: Health Canada's report will cause consumers to demand 1.  (less or more)  tuna at every price. In…

A: Tuna Fish are among the world's most well-known fish and consequently among the most industrially…

Q: Identify THREE (3) conditions which may lead to an increase in market demand and TWO (2) conditions…

A: Market demand is the total demand for the goods and services of all individuals in a society during…

Q: In the market for cable TV, the height of the consumer surplus triangle equals Select an answer and…

A: When talking about the consumer surplus, it is the amount of money that an individual is able to…

Q: Explain the significance of "price" in a free-market economic system.

A: In the free-market economic system, the prices of goods, resources, and services are used to…

Q: importance of competition in markets

A: Market is a means, where exchange of goods and transactions are made. Competition put business into…

Q: how price system affects the Industries pricing products and Services

A: Elasticity of demand and elasticity of supply are two things that affect the pricing for goods and…

Q: If you ran a business and the demand for your product is such that a big percent change in price…

A: The question you provided is asking about the price elasticity of demand. The price elasticity of…

Q: When the market price is equal to the minimum value of the average variable cost curve marginal…

A: When the market price is equal to minimum value of the AVC, then at that point MC cuts AVC from…

Q: Suppose in a small town called Utopia live 200 children and 300 adults. The only entertainment in…

A: Meaning of Fixed Cost and Total Revenue and Marginal Cost: Fixed costs are the cost which remains…

Q: The federal government requires that all foods display information about fat content and other…

A: The demand refers to the total amount of a good which an individual is able and willing to buy, at…

Q: The graph below represents the market for wheat. Graph the change in the market if the government…

A: A subsidy refers to financial assistance provided by the government or another organization to…

Q: Discuss Markets, Competition, Prices as it pertains to Competition.

A: Market pricing is determined by competition, because the more in demand a product is (due to buyer…

Q: Which of the following is a challenge of government setting a price floor? A risk of excess supply…

A: The market is in the constant state when demand is equal to supply in a free market. When government…

Q: In which type of the market in economy there is only one seller in the market structure Explain…

A: The type of the market in which there is only one seller in the forms of the market is the MONOPOLY…

Q: The biggest employer in the city is closing. Predict what will happen to the city's real estate…

A: The closure of the biggest employer in the city represents a significant economic shock. It not only…

Q: Critically evaluate and explain each statement: An excess of price over marginal cost is the…

A: Marginal-cost pricing, in economics, the practice of setting the worth of a product to equal the…

Market Equilibrium and Failure

The economy of a country or any place depends on the market demand and market supply of goods and services.