What conditions must be met for a market to exist?

Q: Describe the factors that can effect demand and supply, what are their impacts on market…

A: The demand (D) refers to the total quantities of a particular product that consumers are willing and…

Q: Does a change in producer`s technology lead to a movement along the supply curve or a shift in the…

A: Supply refers to the quantity of resources, assets, goods, and/or services that producers, financial…

Q: How is Consumer demand for products quite different from demand in the business market?

A: Demand:-  Demand is an economic theory that refers to a person's inclination to buy a product or…

Q: A price below the equilibrium price and quantity between demand and supply will lead to what?

A: Price below the equilibrium price will affect the economy negatively.

Q: What is the function and use of the supply in the market? What are the causes that are responsible…

A: Supply shows the functional relationship between supply and the factors that affects willingness and…

Q: when the price of a product decreases what happens to supply and demand. Show in a graph.

A: The link between the amount of a product provided and its price, while maintaining other variables…

Q: How does equilibrium occur in the market?

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: How does a change in production technology impact supply, demand and equilibrium price?

A: Change in Technology helps improving the volume of production thus resulting in decreased cost of…

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: How does one identify a market?

A: The number of organisations in the market (selling and buying), their relative bargaining power in…

Q: Illustrate the market demand and market supply curves.

A: Many individuals purchase a particular good. Market demand curve for a good is the addition of the…

Q: What is the market equilibrium?

A: The market is where two or more individuals interact to exchange commodities or services in terms of…

Q: Why can't the laws of supply and demand be applied in all commodities and services?

A: The law of supply and demand explains how, all other things being equal, the price of a good…

Q: Using the market supply graph, show the law of supply.

A: The law of supply states, ceteris paribus(keeping other things constant) when the price(P) of a good…

Q: ppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni…

A: In a free market, price and quantity is determined by the forces of demand and supply. At the…

Q: Why doesn’t the change to equilibrium happen immediately when there is surplus in the market?

A: Demand: It refers to the quantity of a commodity that the consumer is willing and able to purchase…

Q: Who are on the supply side of the market?

A: In a market, the equilibrium price and equilibrium quantity of a good is determined by the market…

Q: What might a producer do if consumers stopped purchasing their goods? Provide an example of this…

A: The objective of this question is to understand the possible actions a producer might take if…

Q: How to solve Market Equilibrium?

A: Definition  Market equilibrium – A market equilibrium occurs when the demand for a good is equal to…

Q: Draw a supply and demand curve in which you label price axis, quantity axis, supply curve, demand…

A: Demand refers to the units/ quantity that a buyer desires and able to buy at a given market price.…

Q: WHEN DO YOU SAY THAT THERE IS EXCESS SUPPLY FOR A COMMODITY IN THE MARKET?

A: According to the given question  Excess supply - Generally a market surplus duly occurs when there…

Q: Explain why the price in competitive markets settles down at the equilibrium intersection of supply…

A: In an economy, there is a difference in the pricing policy of competitive market and non-competitive…

Q: Sales of masks are skyrocketing due to the coronavirus, leading to rationing and price hikes.…

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

Q: *Analyze the dynamics of supply and demand to anticipate market equilibrium.

A: Economics refer to the study of allocation of scarce resources, in the most optimal way when the…

Q: What determines the level of prices in a market?

A: A market is the collection of buyers and sellers. It is the system in which buyers and sellers…

Q: How did you get the equilibrium quantity and equilibrium price?

A: Total revenue is the product of price and quantity.  Equilibrium is where the demand curve…

Q: What is the difference between demand and derived demand? What examples do you have of goods and…

A: Demand is described as the willingness and ability to purchase a commodity.

Q: Please explain what happens in a market when the price of the product decreases relative to its…

A: In a market, an equilibrium level can be expressed on a graph as it is the intersection point of…