Generally speaking, what must occur in order for demand to shift? Supply to shift?  How does the concept of the invisible hand help explain how markets reach equilibrium?

Q: Why do we use straight lines on demand and supply?

A: A demand schedule is a table that displays the quantity of goods requested in the market at various…

Q: supermarket chains market can be given as an example of what kind of markets, and why?

A: Supermarket chains are chains of similar kinds of products sellers like D-mart, I-mart ,Best price ,…

Q: Supply and demand are powerful forces in a free market. In four to five sentences, explain some of…

A: It do agree that supply and demand are powerful forces in a free market. Shift in demand and supply…

Q: Suppose a binding minimum wage is imposed on the labor market, then basic microeconomics predicts…

A: The eqm. wage and employment in labor market is determined by the intersection of d(demand for…

Q: What is the fundamental assumption upon which the Law of Supply is based? A. The higher the demand…

A: In a market, law of supply and law of demand are basedon some fundamental assumption about the…

Q: Describe the role of prices in market economies?

A: In economics, the main goal of all economic agents is to satisfy their unlimited desires and wants…

Q: How does the interaction of demand and supply keep a market in balance, at least approximately and…

A: Demand for a commodity is the desire backed by ability and willingness to pay the given price during…

Q: Describe how a shift of the demand or supply curve can affect equilibrium

A: The demand for a quantity (Qd) relies upon the quantity's price and also on multiple other factors…

Q: The dynamic market model is closely patterned after the static one.  What specific new feature is…

A: Market dynamics are forces that may impact prices and therefore the behaviors of producers and…

Q: How will apply the principles of shifting demand and supply in economics

A: There are 2 important principles that apply in shifting demand and supply in economics. The demand…

Q: Carefully examine the picture attached and state what is happening in the following markets and…

A: Due to heat wave, there will be an increase in demand for box fans.  Hence,  Demand curve for box…

Q: TRUE OR FALSE? The scarcity of raw materials will result in the shift of the supply curve upward to…

A: The amount of the product that producers deliver to the market at varied prices throughout a…

Q: What sort of shift in supply or demand would result in a market equilibrium with higher prices but…

A: Let the initial demand and supply curve be DD and SS respectively. The initial market-clearing price…

Q: The introduction of new technology can affect the amount of supply a business will produce. Will it…

A: The supply schedule illustrates what the firms can produce at every price point and how much they…

Q: How does a market reach equilibrium without any outside intervention? Explain using the supply and…

A: A market will reach equilibrium without any outside intervention with the help of market forces. The…

Q: What happens when price is not allowed to change with market forces?

A: A market force is considered as one of the factors that have some ability to affect change in a…

Q: If people can't afford the equilibrium price for a good, would it be a good idea for the government…

A: Before deciding whether government intervention is fair or not we first need to think about what…

Q: Define the principles essential for understanding the economizing problem, demand and supply, and…

A: Demand and supply are the essential elements of the market economy. Following principles are…

Q: What is Microeconomics? What is the price elasticity of demand? What are the various methods of…

A: Economics is a study that has a broader scope and includes all the factors that affect the economic/…

Q: Consider the market for apples. The following graph shows the weekly demand for apples and the…

A:

Q: Does the price control mechanism (price floor and price sealing) to a resource shortage provide an…

A: Yes, the price mechanism gives a positive and negative feedback loop.

Q: How can an economy adjust back to equilibrium? Is it by having an equal amount of demand and supply?

A: In economics, an equilibrium is considered as a state of rest from where neither buyers nor sellers…

Q: In a market economy, supply determines demand and demand, in turn, determines prices. demand…

A: The price of a product is set by the law of supply and demand. Consumers have a desire to amass a…

Q: the degree of change in demand or supply due to the change in its determinants

A: The demand and supply are the two sides of the market. The demand and the supply in the market would…

Q: Explain price determination in a competitive market, and show how equilibrium changes in response to…

A: A competitive market is one in which there are so many buyers and sellers of a product that each of…

Q: Why would a shift in supply or demand happen as a result in a market equilibrium with higher prices…

A: A market is a place where the buyers and the sellers interacts with each other and the exchange of…

Q: How can we apply the supply and demand analysis to a competitive market? What is a real-life example…

A: The price mechanism or can be called as the law of demand and supply, is a model that states how…

Q: Suppose the demand curve for desktop computers shifts leftward and at the same time supply curve…

A: Given that the demand curve for desktop computers shifts leftward and at the same time supply curve…

Q: Consider a competitive market in which we can analyze the market using our standard demand and…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: In the words of Columbia economist Jeffrey Sachs, “Markets won.” But will markets stay the winner?

A: The markets are an institution which involves buyers and sellers to interact in the marketplace as a…

Q: The cost of production of a good can increase, which will cause profits to decrease. Will it cause…

A: If the cost of production rises, then the supplier will face increasing costs for every unit of…

Q: Can the market / price mechanism find some solutions?

A: The price mechanism is a means by which the allocation of scarce resources is determined by the…

Q: For which of the following industries is the supply-and-demand model likely to be most accurate? The…

A: In general, industries, where there exists neither excess supply nor excess demand, are considered…

Q: Given a market equilibrium point, explain, using the concepts of demand and supply, how it is…

A: To obtain market equilibrium presence of both demand and supply curves are most essential. Demand…

Q: What mechanisms allocate resources when the price of a good is not allowed to bring supply and…

A: Demand for a commodity is desire back by ability to pay and willingness to buy the commodity at a…

Q: Describe the role of prices in the market economy?

A: Market economy: the production of goods and services is directed by the laws of supply and demand in…

Q: How does a market reach equilibrium without any outside intervention? Explain your answer.

A: Equilibrium: It is the situation where demand and supply intersect each other at a fixed price.…

Q: How do prices communicate to economic actors?

A: According to prices economic actors behave. For example with less price economic actor demand…

Q: Explain, with the aid of a graph, market equilibrium and disequilibrium.

A: In a market economy, economic forces such as supply and demand are balanced. When economic variables…

Q: What components will cause a Shift in the Supply curve? What happens if a market is out of…

A: A supply curve is a graphical representation of the relationship between the price and quantity…

Q: In the chapter it was discussed how prices are set in the real world. The simple fact is that…

A: Price is determined by the market forces but yes , you don't need to calculate it . It just happens…