In competitive markets, Select one: a.sellers are price setters. b.buyers can influence the market price more easily than sellers. cmarkets are more likely to be in equilibrium. d.firms produce identical products.
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- Market power refers to the a. side effects that may occur in a market. b. government regulations imposed on the sellers in a market. c. ability of market participants to influence price. d. forces of supply and demand in determining equilibrium priceCompetitive environment refers to the presence of in the market? Select one: a. market opportunity b. value proposition C. substitute products d. competitive advantageA competitive market will: A. achieve an equilibrium price. B. produce shortages. C. produce surpluses. D. create disorder.
- If the price in a competitive market is "lower than equilibrium" then a. quantity demanded exceeds quantity supplied at that price. b. no producer can cover his costs of production at that price. c. quantity supplied exceeds quantity demanded at that price. d. producers in this industry are making a profit e. not all producers that are willing to sell at the market price are able to.When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.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.
- Suppose that market equilibrium is at point D in the above picture. The price of this good is expected to rise in the future, then market equilibrium will A. shift to point A. B. shift to point B. C. shift to point C. D. remain at point D.Explain the Market Equilibrium.when the price of a good increases, the quantity supplied of the good also increases. This is the law of Select one: a. diminishing returns b. demand c. increasing costs. d. supply.
- 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 patent runs out on your popular and necessary drug. 2. Amazon has picked your small town to be their new worldwide headquarters. 3. The country is going into a recession. You sell jewelry. 4. The price of TVs just decreased by 20% Please help me answer these questionsWhich of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibriumChoose all statements that are true. A. The supply curve represents the behavior of sellers and the supply curve is a function that shows the quantity supplied at different prices. B. An increase in supply means that sellers are willing to sell more quantity at all prices. C. An increase in supply is seen as a SHIFT of the supply to the RIGHT. D. Producer surplus is the area above the supply curve and below the price. E. A supply curve can be read horizontally or vertically. The horizontal reading tells us how much suppliers are willing and able to sell at each price. The vertical reading tells us the minimum price at which suppliers will sell a given quantity. F. An increase in supply means that sellers are willing to accept a lower price for each quantity