Equilibrium in the market is achieved when * A. there is the same number of buyers and sellers. B.there is no shortage or surplus of products. C. every buyer buys a product from the seller. D. buyers and sellers agree on the same price.
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- Demand for a product is most likely to increase because: A. the total number of consumers in a market declines. B. the product becomes unfashionable for consumers. C. consumers expect the future price to decline. D. demand for complementary goods rises.Why is equilibrium the best guideline for pricing a product? A. It is the best way to set the price without knowing the market demand. B. It is the only way to know for certain that you will not end up with a surplus of product. C. It is a number-based agreement between customer and producer to set price versus demand.A demand schedule a. shows how the demand changes when the supply changes. b. is a graph showing a relationship between the quantity demanded and the price of a good. c. shows the quantity demanded at one price. d. shows that demand is on schedule. e. is a list of the quantities demanded at each different price when all other influences on buying plans remain the same.
- Explain how the equilibrium, or market, the price of a product is examined.In each problem, you must explain the scenario’s effect on the market. If the quantity supplied or the quantity demanded changes, state how (increase or decrease). If one of the curves shifts, state why and the direction it shifts (left or right). You should then state the effect on price (increase or decrease). 1. Your product was declared one of "Oprah's Favorite Things." 2. You grow cotton and Eli Whetney just invented the cotton gin. 3. A hurricane is predicted to hit the rich coffee growing areas of Colombia. You sell coffee. 4. Congress just passed a tax credit for energy effiecent home improvements. You sell solar panels. 5. Soldiers comes home from WWII, get married, and need housing for their familes. You build houses.A given change in demand will yield a larger change in the quantity supplied A. the more elastic is supply. B. the longer the time frame under consideration. C. the more plentiful are the resources necessary to produce the good. D. all of these answers are correct.
- Table 3 This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Buyer Willingness To Pay David $8.50 Laura $7.00 Megan $5.50 Mallory $4.00 Audrey $3.50 Refer to Table 3. If the price of Vanilla Coke is $6.90, who will purchase the good? Select one: a. all five individuals b. Megan, Mallory and Audrey c. David, Laura and Megan d. David and LauraFor a particular good, a 12 percent increase in price causes a 24 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? a. The good is a luxury. b. There are not many substitutes for this good. c. The relevant time horizon is short. d. The market for the good is broadly defined.please select the correct answer.1.The relative price of a product can fall when its money grows if: a)consumers want it enough (b) other prices increase at a lower rate (c) other prices increase increase even more (d) other prices decline 2.if there is consumer sovereignty, consumers are able to (a) control the price at which they buy products (b) control the quantity of the products that are offered in the market (c) determine how resources are allocated through their buying decisions (d) for business to lower prices. 3. consumers have benefited from the growth of the internet because (a) it is free. ( b) it provides them with the truth. (c) it gives a wider variety of products from which to chose. (d) it allows them to keep their personal information secret.
