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

a. Consider the following statement: "The market system is a profit-and-loss system." This statement is O false, because the market system does much more than provide profits and losses. O true, because consumers purchase only what they want, producers will earn profits. O true, because producer decisions are motivated by the attempt to earn profits. O false, because consumers purchase only what they want, producers will earn profits.

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

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Assume that the graphs show a competitive market for the product stated in the question. Price aa 0 Price a a 0 2₁*Q₂ Quantity Graph A Graph A E₁ Q₁ Q₂ Quantity Graph C Graph B Graph C E₂ KE₁ Graph D D₁ S₁ U None of the above 52 Price 0 Price E₂ E₁ Q₂ Q₁ Quantity Graph B E2 KE₁ Q₂ Q₁ Quantity Graph D D₁ Select the graph above that best shows the change in the market specified in the following situation: In the market for ramen noodles (an inferior good), when consumers experience a substantial fall in income due to an economic recession. D₂ S₂ O 55

Classifying a good as rival means   A. that the good is produced in a competitive market.   B. anyone who does not pay for the good cannot consume it.   C. that there is a shortage of the good.   D. that when one person consumes a unit of the good no one else can consume it.

Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. OA. increases; increases OB. increases; decreases OC. decreases; increases OD. decreases; decreases In the market for cheese, OA. consumer surplus decreases and producer surplus decreases 60- 50- 40- 30 20- 10- Price (bolivars per gallon) 0 40 $ 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. 100 Price control D Next SOU

1. Write a sentence or two defining the following terms in your own words. Give examples of each.      p. Scarcity      q. Substitute Goods      r. Monopoly

1.What is a market and what is the key to functioning markets?  Explain.2.  How do competitive markets guide the allocation of resources?3.  Give an example of a good or service that should not be allocated entirely by a free, unregulated market.  Explain your reasoning. 4. Identify a price control that is, has been, or could be enacted in the real world.  Then, explain the potential benefits and drawbacks of that control. A goal of this prompt is to see both sides of an argument, so please come up with at least one argument for and against said price control.

DRAW THE MARKET EQUILIBRIUM CURVE, NOW SHOW INCOME GOING UP FOR AN INFERIOR PRODIUCT AND TECHNOLOGY CHANGE.-