Homework Answers
Ans 1: When quantity is lower than equilibrium quantity, the demand of the product is greater than supply of the product. So, there will be wasteful trades because there will be excess demand in which buyers will be paying less price than price level charged or expected by sellers. So, option (D) is correct.
Ans 2: True because the free market maximizes the gains from trade. It maximizes the social surplus which is the sum of consumer surplus and producer surplus. In the presence of some government intervention, it distorts the social surplus in the market.
Ans 3: These are the sign that a market is in equilibrium
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13 (This question refers to the MRU video 'Exploring Equilibrium.) At quantities lower than the equilibrium...
(This question refers to the MRU video 'Exploring Equilibrium') The market equilibrium separates the demand curve...
(This question refers to the MRU video 'Exploring Equilibrium') The market equilibrium separates the demand curve into two parts: and Select one: a. the buyers; the sellers b. the buyers; the non-buyers c. the buyers with consumer surplus; the buyers without consumer surplus d. the wasteful buyers; the non-wasteful buyers Question 45 Not yet answered Points out of 1 Flag question It is difficult for a central planner to determine optimal allocations of resources because: Select one: a. of too...
(This question refers to the MRU video 'Human Capital and Signaling'.) Human capital and physical capital...
(This question refers to the MRU video 'Human Capital and Signaling'.) Human capital and physical capital are alike in that: Select one: a. neither is subject to depreciation. b. they are both owned primarily by firms. c. they both require investments. d. workers take both with them when leaving a job. Question 7 (This question refers to the MRU video 'The Marginal Product of Labor'.) In the market for a certain type of labor, the wage for that labor is...
12. (This question refers to the MRU video 'Compensating Differentials'.) The greater the wage differential required...
12. (This question refers to the MRU video 'Compensating Differentials'.) The greater the wage differential required to compensate workers for a safety risk, the: Select one: a. weaker the firm's incentive to invest in making the job safer. b. greater the difference between the level of skill required for safe jobs and the level of skill required for unsafe jobs. c. greater the firm's incentive to invest in making the job safer. d. smaller the difference between the wages of...
plz just answer the quastions, there is no need for explaning, i will give you like...
plz just answer the quastions, there is no need for explaning,
i will give you like for just replying fastly.
(This question refers to the MRU video 'The Demand Curve Shifts!) Two goods are price of one good leads to a decrease in the demand for the other good. if an increase in the Select one: a. complements b. normal C. substitutes d. inferior (This question refers to the MRU video 'The Demand Curve Shifts'.) Which of the following sounds...
Economics EXERCISE 8.3 MAXIMIZING THE SURPLUS
Consider a market for the tickets to a football match. Six supporters of the Blue team would like to buy tickets; their valuations of a ticket (their WTPwillingness to pay (WTP) An indicator of how much a person values a good, measured by the maximum amount he or she would pay to acquire a unit of the good. See also: willingness to accept.closewillingness to pay (WTP) An indicator of how much a person values a good, measured by the maximum...
I need help with these Mcq's please. Thank you 37. Efficiency in a market is achieved...
I need help with these Mcq's please. Thank you
37. Efficiency in a market is achieved when cial planner intervenes and sets the quantity of output after evaluating buyers willingness to pay and sellers' costs the sum of producer surplus and consumer surplus is maximized all firms are producing the end at the same low cost per unit. no buyer is willing to pay more than the equilibrium price for any unit of the good. C ( 38. Total surplus...
A demand curve slopes downward because: people are only willing to buy more at lower prices....
A demand curve slopes downward because: people are only willing to buy more at lower prices. when people buy more, sellers lower the price. when prices are lower, people think the good is inferior. people want to buy more at higher prices. Which of the following correctly describes market equilibrium? Quantity supplied is equal to quantity demanded. Supply is equal to demand. There may be a shortage. There may be a surplus. От Consider a market that is in equilibrium....
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
I need help solving this Asap. thanks alot. Figure 1: Supply and Demand in the Market...
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
1. Which statement is TRUE in a market with a price ceiling? a. Buyers and sellers...
1. Which statement is TRUE in a market with a price ceiling? a. Buyers and sellers experience unexploited gains from trade b. Resources are allocated to their most efficient uses. c. The supply of goods is sold by the sellers with the lowest costs. d. The supply of goods is bought by the buyers with the highest willingness to pay ANS 2. A number of cities and states have banned smoking in bars because of secondhand smoke. In cities without...
(This question refers to the MRU video 'Exploring Equilibrium') The market equilibrium separates the demand curve into two parts: and Select one: a. the buyers; the sellers b. the buyers; the non-buyers c. the buyers with consumer surplus; the buyers without consumer surplus d. the wasteful buyers; the non-wasteful buyers Question 45 Not yet answered Points out of 1 Flag question It is difficult for a central planner to determine optimal allocations of resources because: Select one: a. of too...
plz just answer the quastions, there is no need for explaning,
i will give you like for just replying fastly.
(This question refers to the MRU video 'The Demand Curve Shifts!) Two goods are price of one good leads to a decrease in the demand for the other good. if an increase in the Select one: a. complements b. normal C. substitutes d. inferior (This question refers to the MRU video 'The Demand Curve Shifts'.) Which of the following sounds...
I need help with these Mcq's please. Thank you
37. Efficiency in a market is achieved when cial planner intervenes and sets the quantity of output after evaluating buyers willingness to pay and sellers' costs the sum of producer surplus and consumer surplus is maximized all firms are producing the end at the same low cost per unit. no buyer is willing to pay more than the equilibrium price for any unit of the good. C ( 38. Total surplus...
A demand curve slopes downward because: people are only willing to buy more at lower prices. when people buy more, sellers lower the price. when prices are lower, people think the good is inferior. people want to buy more at higher prices. Which of the following correctly describes market equilibrium? Quantity supplied is equal to quantity demanded. Supply is equal to demand. There may be a shortage. There may be a surplus. От Consider a market that is in equilibrium....
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
1. Which statement is TRUE in a market with a price ceiling? a. Buyers and sellers experience unexploited gains from trade b. Resources are allocated to their most efficient uses. c. The supply of goods is sold by the sellers with the lowest costs. d. The supply of goods is bought by the buyers with the highest willingness to pay ANS 2. A number of cities and states have banned smoking in bars because of secondhand smoke. In cities without...
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