Is a competitive market “efficient”? Define efficiency and explain.

Use the following information to answer the next six questions. The accompanying graph depicts the demand (D) curve for general admission concert tickets to see ECON-Jammin', the world's first economics rock band, which is scheduled to visit your city next month. The concert venue can accommodate 100 fans with a marginal cost (MC) of $10 per person. Price $50 $40 $30 $20 $10 0 10 20 MR 30 40 D MC 50 60 Quantity ECON-Jammin' has recently discovered that its fans are made up of two distinct groups that can be easily distinguished. The band has decided to utilize its economic knowledge and offer a high-priced ticket of $40 per person and a low-priced ticket of $20 per person. Based on this information, what is the gain in profit from using price discrimination versus a single-price model? O a. $150 O b. $100 O c. $0 O d. $50 O e. $200

List the five things that are held constant along a market supply curve and identify the change in each that would shift that supply curve to the right that is, that would increase supply.

If a new sushi restaurant opens, then   The market supply curve for sushi will shift to the right.   The market supply curve for sushi will shift to the left.   There will be a movement up along the market supply curve for sushi.   O. There will be a movement down along the market supply curve for sushi.

Please answer fast please arjent help

If the price of cream (an input into ice cream production) increases, then an ice cream store's curve shifts to the Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a supply; right supply; left demand; right demand; left P

The graph illustrates the situation facing the publisher of the only newspaper containing local news in an isolated community. If the newspaper market were perfectly competitive, what would be the quantity, price, consumer surplus, and producer surplus? Draw a point at the equilibrium quantity and equilibrium price if this market is perfectly competitive. Draw and label the consumer surplus. Draw and label the producer surplus. 100- 80- 60- 40- 20- 0- Price and cost (cents per newspaper) 0 MC 100 D 200 300 400 Quantity (newspapers per day) >>> Draw only the objects specified in the question. 500 Q

In economics we argue that the demand curve in competitive market is where px = MUx, Centris paribus. Explain using sentence and words, what this idea means.

What is the purpose of market equilibrium in relation to supply and demand?

Good Afternoon    I asked this question to your colleague but he didn't explain what his diagram means like what is E what is SS what is D and DD'.   Can you please either solve the question or explain what his diagram means.   Tell me what all the terms of the diagram mean.   Thank you