Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 3, Problem 16CQ
To determine
Describe the strong incentives of firms in competitive market to serve the consumers interest.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
How does competition affect prices in a market system? How does it affect supply(what producers provide) and demand (what consumers want)?
How does wealth and power effect relationships between producers and consumers?
How do markets operate to bring product into existence?
How does that relationship affect supply and demand for the various markets involved?
In what ways has the change in supply and demand affected the market?
What enabled the many participants in the production of this product to cooperate, and how has this affected the production of the product?
Chapter 3 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Other than price, identify one market signal. Show how that market signal influences decision-making,arrow_forwardIs economics related to marketing?arrow_forwardWhich options reduce political risk when entering a new market? Drag the answers to the image and click next to submit your answer. Local content requirements Legal structure in place Financial incentives to investors Nationalization Property rights Confiscation of propertyarrow_forward
- Explain how people respond to incentives and how markets turn self-interested behavior to the benefit of consumers.arrow_forwardThink about getting into the business of selling computer parts and accessories. Which of the following do you feel has the biggest potential for sales among recent college graduates: high-volume storage devices, supercomputers, or mainframe computers? Why? Which of the following is not a benefit of working in the field of selling computer hardware?arrow_forwardWhat if a t-shirt company ramped up production until there was a huge supply? What positive and negative effects would this have?arrow_forward
- there are nine characteristics of a market economy. choose two that are, in your opinion, most important and tell me why you selected them.arrow_forwardmeans that the products people demand are being produced at a low cost(making the most of resources).arrow_forwardHow do market concentration and market power relate to the principle of competition?arrow_forward
- In your own words, why isn't the cost of producing a product sufficient to predict its market price?arrow_forwardWhat makes markets efficient?arrow_forwardTesla's new electric cars are making noise in the media as they are creating in increase in demand for green efficient transportation. Research an article on how the social influence from companies, such as Tesla, are impacting consumer decisions. How should the government react to these changes in consumer demand; changing the laws or letting the competitive markets determine if a company's impact on the supply and ultimately demand for certain products should be allowed.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningMacroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub CoEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning