Write a sentence or two defining the following terms in your own words. Give examples of each. a. Market Equilibrium Point b. Market System

A city passes a law that automobile prices may not increase. The auto market is currently in equilibrium. What will happen in that market if costs of producing autos increase? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a More than the allocatively efficient amount will be produced. b Less than the allocatively efficient amount will be produced. c The allocatively efficient amount will be produced but there will be a shortage. d The allocatively efficient amount will be produced but there will be a surplus.

Amanda has a 9 year old beagle named Lexi that tore her ACL. Amanda values Lexi at about $1,000. The vet is willing to complete the surgery to heal Lexi for at least $800. The monetary value for leaving Lexi in her current state is -$2,000. Which of the following is an "efficient" market outcome, per the textbook. A. Complete the surgery for $1,100 B. Complete the surgery for $850 C. Leave Lexi with a torn ACL D. Put Lexi down and save $800

Dicuss: what is a market economy and it's pricing models

Markets are said to generate a benefit to society in the form of "gains from trade." These gains from trade can be calculated in the form of ___ A. the total surplus.B. the bargaining agreement.C. the producer surplus.D. the consumer surplus.

Difference between perfect market and imperfect market? The answer should be brief, concise and strong.

Question 6 Discuss TWO major virtues of a market system.

What are the concepts, reasons and effects of market failure?

Question 4   Which of the following is NOT a characteristic of a competitive market?   Multiple Choice   At least one of the producers has significant market power.   Externalities do not exist in the market.   There is free entry into the market.   There are many buyers in the market.