Homework Answers
Option - A
Demand schedule expresses the law of demand which says that quantity demand by the consumer are influenced with their prices. It says that price and quantity have inverse or opposite relation. That means consumer will by large quantity when prices are lower and he/ she will by small quantity when prices are higher.
Example of demand schedule:
This is the demand schedule showing the opposite relation between price and quantity. When price comes down from 10 to 9 quantity goes up from 12 to 15.
| Price | quantity (candy) |
| 10 |
12 |
| 9 |
15 |
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O There is incentive for firms to collude. QUESTION 9 What best describes a demand schedule?...
Please help me with my Econ homework? 13. The demand schedule given below illustrates the guantity...
Please help me with my Econ homework?
13. The demand schedule given below illustrates the guantity demanded 0 by two individual consumers in the market for hot dogs. Both Larry and Harry are consumers of hot dogs and make up the entire market Hot Dogs 2.00 Price Quantity Quantity Total Market per Demanded Demanded Demand Hot Dog by Larry 10 25 by Harry 15 30 $1.80 0.20 1.) Using the line drawing tool, draw a demand curve'" for each individual....
QUESTION 9 What type of firms are in a perfectly competitive market? O Price-takers O Price-searcher...
QUESTION 9 What type of firms are in a perfectly competitive market? O Price-takers O Price-searcher Quantity-taker O Cost-maximizer QUESTION 10 When is welfare (or total surplus) maximized? O When all consumers who value chocolate are able to buy chocolate. O When the total net gain to producers is minimized. O When the market is in equilibrium. O When all producers are able to sell their chocolate.
It had no effect on consumers or firms in this situation. O It increased the incentive...
It had no effect on consumers or firms in this situation. O It increased the incentive of individuals to supply the good on the black market. Question 7 2 pts A nonbinding price floor has which of the following consequences? O There will be downward pressure on prices until quantity demanded equals quantity supplied. O There will be upward pressure on prices until quantity demanded equals quantity supplied. O There are no consequences to a nonbinding price floor. The quantity...
Which of the following best describes the implications of a deadweight loss? O A. Resources are...
Which of the following best describes the implications of a deadweight loss? O A. Resources are being wasted on the production of goods that consumers do not value. B. The welfare of society is placed second to corporate profits. C. Economic resources are not being allocated efficiently: either too much or not enough of the good is being produced D. Consumers are harmed because producers are charging a price higher than marginal cost
Demand is a schedule of how much of a good people will purchase at each income...
Demand is a schedule of how much of a good people will purchase at each income level. how much of a good a person wants. each possible price and the amount people will buy when their incomes change. O how much of a good people will purchase at each different possible price. Question 6 Which of the following best represents the law of demand? As the price of a good increases, the quantity demanded of that good decreases. As the...
The price elasticity of demand will always be a negative number because: demand is determined by...
The price elasticity of demand will always be a negative number because: demand is determined by consumers. producers and consumers like different prices. price and quantity demanded move in opposite directions. price and quantity demanded move in the same direction The income elasticity of demand for a good describes how much: the quantity supplied changes in response to a change in producers' incomes the quantity supplied changes in response to a change in consumers' incomes. the quantity demanded changes in...
QUESTION 25 Which of the following best describes the long run in terms of aggregate supply?...
QUESTION 25 Which of the following best describes the long run in terms of aggregate supply? a. The long-run aggregate supply curve is horizontal. b. The long-run aggregate supply slopes upwards, but is NOT vertical. c. The long-run aggregate supply slopes downwards. d. The long-run aggregate supply curve is vertical. Question 39 Which of the following best characterizes market equilibrium? a. when there is no incentive for consumers or producers to change their current behaviour b. when producers earn profits...
Question #61 Economics What is the best definition of a market? A. O the quantity of...
Question #61 Economics What is the best definition of a market? A. O the quantity of goods and services that businesses are willing to provide at those prices. B. O the quantity of goods and services that consumers are willing to buy at different prices. C. O a mechanism that facilitates the exchange of goods and services between buyers and seiers the action of making or manufacturing from components or raw materials,or the process of being so manufactured the capital...
Which of the following best defines producer surplus? O The difference between the price that suppliers...
Which of the following best defines producer surplus? O The difference between the price that suppliers actually O A situation in which all of the potential gains from trade have been realized. O The difference between the price that suppliers actually receive and the minimum price they would be willing to accept. receive and the maximum price they would be willing to accept. O The difference between the maximum price consumers are willing to pay and the price they actually...
Please answer the following question fully and in detail! Consider a Bertrand duopoly with two firms...
Please answer the following question fully and in detail! Consider a Bertrand duopoly with two firms 1,2 who sell the same good. The demand curve of the good is given by Q = 30 − p if p < 30 and Q = 0 if p ≥ 20. Both firms have the same constant unit cost 5. Firms 1,2 set prices p1, p2. If firms set different prices, then the firm which sets the minimum price of the two, receives...
Please help me with my Econ homework?
13. The demand schedule given below illustrates the guantity demanded 0 by two individual consumers in the market for hot dogs. Both Larry and Harry are consumers of hot dogs and make up the entire market Hot Dogs 2.00 Price Quantity Quantity Total Market per Demanded Demanded Demand Hot Dog by Larry 10 25 by Harry 15 30 $1.80 0.20 1.) Using the line drawing tool, draw a demand curve'" for each individual....
QUESTION 9 What type of firms are in a perfectly competitive market? O Price-takers O Price-searcher Quantity-taker O Cost-maximizer QUESTION 10 When is welfare (or total surplus) maximized? O When all consumers who value chocolate are able to buy chocolate. O When the total net gain to producers is minimized. O When the market is in equilibrium. O When all producers are able to sell their chocolate.
It had no effect on consumers or firms in this situation. O It increased the incentive of individuals to supply the good on the black market. Question 7 2 pts A nonbinding price floor has which of the following consequences? O There will be downward pressure on prices until quantity demanded equals quantity supplied. O There will be upward pressure on prices until quantity demanded equals quantity supplied. O There are no consequences to a nonbinding price floor. The quantity...
Which of the following best describes the implications of a deadweight loss? O A. Resources are being wasted on the production of goods that consumers do not value. B. The welfare of society is placed second to corporate profits. C. Economic resources are not being allocated efficiently: either too much or not enough of the good is being produced D. Consumers are harmed because producers are charging a price higher than marginal cost
Demand is a schedule of how much of a good people will purchase at each income level. how much of a good a person wants. each possible price and the amount people will buy when their incomes change. O how much of a good people will purchase at each different possible price. Question 6 Which of the following best represents the law of demand? As the price of a good increases, the quantity demanded of that good decreases. As the...
The price elasticity of demand will always be a negative number because: demand is determined by consumers. producers and consumers like different prices. price and quantity demanded move in opposite directions. price and quantity demanded move in the same direction The income elasticity of demand for a good describes how much: the quantity supplied changes in response to a change in producers' incomes the quantity supplied changes in response to a change in consumers' incomes. the quantity demanded changes in...
Question #61 Economics What is the best definition of a market? A. O the quantity of goods and services that businesses are willing to provide at those prices. B. O the quantity of goods and services that consumers are willing to buy at different prices. C. O a mechanism that facilitates the exchange of goods and services between buyers and seiers the action of making or manufacturing from components or raw materials,or the process of being so manufactured the capital...
Which of the following best defines producer surplus? O The difference between the price that suppliers actually O A situation in which all of the potential gains from trade have been realized. O The difference between the price that suppliers actually receive and the minimum price they would be willing to accept. receive and the maximum price they would be willing to accept. O The difference between the maximum price consumers are willing to pay and the price they actually...
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