In about 300 words explain why prices are an important aspect of how goods and services are allocated in a market economy. Pick an example of a good or service and explain the role that its price plays in determining who received it.

Q: When analyzing a market, how do economists deal with the problem that many factors that affect the…

A: To examine the study the change in the different factors affecting the market easily, economists…

Q: If the economy goes into a recession and income fall, what happen in the market for inferior good?

A: Inferior goods are the goods that are inversely related to the income ie these might be low-quality…

Q: What does the supply curve illustrate? a. The quantity suppliers are willing to sell at each and…

A: In a competitive market, the market forces of demand and supply of a good determine the equilibrium…

Q: Explain how demand and supply interact to determine the prices of goods and services and the…

A: The demand curve which represents the change in demand of a commodity because of a change in its…

Q: if you want to have anything good you have to do it yourself violates which principle of economics

A: This violates the principle of Economics that says "Trade can make everyone better off". This…

Q: In each problem, you must explain the scenario’s effect on the market. If the quantity supplied or…

A: When soldiers demand more housing, the demand for housing increases. Quantity demanded, quantity…

Q: Supply and demand is a very important way to judge how prices are determined in our economy. You…

A: As law of demand refers to the inverse relationship between price and quantity demanded keeping…

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: A Fun-Size bag of M&M's contains 4 green, 3 red, 2 yellow, 3 orange, 4 blue, and 2 brown candies.…

A: Introduction: Probability is the state of being able to do something. It's a field of mathematics…

Q: Using diagrams students should apply the theory of supply and demand to the assigned economy. a) Use…

A: We consider the product called Tafelspitz. Tafelspitz is Austrian national food dish and is very…

Q: Which of the following is a store of value?   Studypug.com Question:     currency…

A: Store of value refers to any commodity or asset that would retain purchasing power in the future and…

Q: Define MARKET FACTORS?

A: In a market, when talking about market factors, they are the variables that has the potential to…

Q: Economics Write a brief summary on Demand, Supply, and Equilibrium in Markets for Goods and…

A: Economic planning is an asset portion instrument in view of a computational method for taking care…

Q: please select the correct answer. 1.The relative price of a product can fall when its money grows…

A: 1. When the price of a good decreases relative to other similar goods, consumers will tend to demand…

Q: Describe the two main classifications of “Markets” and what roles do prices play in exchange of the…

A: Market is a place where goods and services are exchanged for money or other goods by buyer and…

Q: What does the number of buyers affect?    A. all individual supply curves  B. the market supply…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: S. D. D. 11 S. D. D. S. D.

A: Demand means the quantity of goods that the consumers are willing and able to purchase during a…

Q: Which of the following statements is considered a market-value definition? a) We make railroads. b)…

A: Answer:-    Market value definition is all about the value that a particular product or service is…

Q: Which of the following is Microeconomics concerned with? А. The size of national output В. The level…

A: Microeconomics is that which relatively deals with the single unit of the individual behaviour and…

Q: If the price of a good or service is lowered and people buy more of this good or service, this…

A: Demand - it refers to the quantity of a good that a consumer is able and willing to purchase during…

Q: Give information according to the words given: 1.Economic Impact a) consumer b) supplier c)…

A: a) Consumer:- The mechanism by which goods and services are put to final use by people is known as…

Q: In your own words, explain the function(s) of prices in market economies. If a society did not have…

A: Market economy: - The market economy is that economy where the production and pricing decisions are…

Q: Are households primarily buyers or seller in the goods and services in the market? In the labor…

A: The simple circular flow model is used to see the flow of income and output between the households…

Q: Fill in the blanks with the mumber that correspoods to the correct word or phrase from the word bank…

A: Economics is defined less by the issues that economists study and more by how economists study them.…

Q: The fundamental economic concept that describes the total amount of a specific good or service that…

A: The term microeconomics refers to that situation under which the economic problems are judged on the…

Q: What are the factors that affect the demand? Provide an example of each factor.

A: Economics uses the interaction of demand and supply to determine the price as well as quantity…

Q: Good which are supposed to be used together to satisfy a want or need are called___________

A: # Few goods can be used in place of each other and few foods are supposed to be used together to…

Q: Discuss each of the following: 1. How does household income affect the desire of a parent to have…

A: Many factors play a vital role in deciding to have a children . Education level of parents, income…

Q: An economic explanation for why people make different choices begins with accepting the proverbial…

A: Saving: It refers to the money that is not used by the people. It is the money which is used in case…

Q: The wants with which economics is concerned include only those wants which can be satisfied by goods…

A: False

Q: Which of the following is not included in the decisions that every society must make? a. What…

A: Economic theory affirms that the general public makes three fundamental economic choices because of…

Q: A budget line is a graph that shows the various combinations of two products that a   Multiple…

A: A budget line refers to the all possible combination or all possible bundle of two goods that can be…

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: PLEASE FILL IN THE CHART BELOW FOR THE ARTICLE!! Microeconomics For the article, write the number…

A: Supply Curve refers to the various levels of quantity demanded that firms or producers of a good or…

Q: fecting the demand for a specific good?   a.     Consumer income. b.     Pop

A: The overall change in the total quantity present in a market at a particular time is the quantity…

Q: Ive asked this before but the answer wasn't what I was looking for- for the price of fertilizers…

A: Fertilizers that are produced by using petrol as a key component are known as synthetic fertilizers…