Introduction to Business
OER 2018 Edition
ISBN: 9781947172548
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 1.6, Problem 2CC
How is market equilibrium achieved? Describe the circumstances under which the price for gasoline would have returned to equilibrium in the United States after Hurricane Katrina.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Below is a list of the "official" Stock Market Sectors. I want you to think of 3 questions (below ) as it relates to Covid-19 restrictions.
Which sector do you think was negatively impacted immediately after strong Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples)?
Which sector do you think was positively impacted immediately after strong Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples)
Which sector do you think had no impact immediately after string Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples)
LIST OF SECTORS
Energy
Materials
Industrials
Utilities
Healthcare
Financials
Consumer Discretionary
Consumer Staples
Information Technology
Communication Services
Real Estate
Critically evaluate the determinants of global inflation post the invasion of Ukraine by Russia in 2022.
The United States has been deeply affected by the coronavirus pandemic. Americans have lost significantly more jobs than most other advanced economies during the COVID-19 downturn. Roughly 9.6 million U.S. workers (ages 16 to 64) lost their jobs, based on averages of 2019 and 2020 unemployment data.
Considering that joblessness reduces the household income and subsequently savings, explain how this situation has affected the loanable funds market of United states. Illustrate your answer with an appropriately labelled diagram.
U.S economy contributes for about 16% of global output and thus has strong impact on world economy. In relation to your answer in part (a), how do you think the conditions in the global loanable funds market change?
COVID-19 pandemic in 2020 led to a loss of 8.8 percent of global working-hours and a global labor income decline of about 8.3 percent.[1] Why was the percentage loss in labor income lower than the percentage loss in labor working-hours? Use diagrams…
Chapter 1 Solutions
Introduction to Business
Ch. 1.1 - Explain the concepts of revenue, costs, and...Ch. 1.1 - What are the five factors of production?Ch. 1.1 - What is role of an entrepreneur is society?Ch. 1.2 - Define the components of the internal and the...Ch. 1.2 - What factors within the economic environment...Ch. 1.2 - Why do demographic shifts and technological...Ch. 1.3 - What is economics, and how can you benefit from...Ch. 1.3 - Compare and contrast the world's major economic...Ch. 1.3 - What is the difference macroeconomics and...Ch. 1.4 - What is a business cycle? How do businesses adapt...
Ch. 1.4 - Why is full employment usually defined as a target...Ch. 1.4 - What is the difference between demand-pull and...Ch. 1.5 - What are the two kinds of monetary policy?Ch. 1.5 - What fiscal policy tools can the government use to...Ch. 1.5 - What problems can a large national debt present?Ch. 1.6 - What is the relationship between prices and...Ch. 1.6 - How is market equilibrium achieved? Describe the...Ch. 1.6 - Draw a graph that shows an equilibrium points for...Ch. 1.7 - What is meant by market structure?Ch. 1.7 - Compare and contrast perfect completion and pure...Ch. 1.7 - How does an oligopoly differ from monopolistic...Ch. 1.8 - What steps can companies take to benefit from the...Ch. 1.8 - Why is the increasing demand for energy worldwide...Ch. 1.8 - Describe several strategies that companies can use...Ch. 1 - Ethics Activity Historically, diesel cars have not...Ch. 1 - What are some advantages of Walmart purchasing...Ch. 1 - What impact is Walmart's acquisition of...Ch. 1 - How will the aggressive e-commerce plan...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What are some things that managers can do to reduce noise in communication?
Principles of Management
Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan include a repa...
Principles of Accounting Volume 1
Prepare a production cost report and journal entries (Learning Objectives 4 5) Vintage Accessories manufacture...
Managerial Accounting (5th Edition)
Define costvolumeprofit analysis.
Cost Accounting (15th Edition)
Determine the annual budget for office utilities using the data from the past 12 months shown in Figure 9-7. Ut...
Construction Accounting And Financial Management (4th Edition)
Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. ...
Principles of Accounting Volume 2
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- With regards to inflation, comment on any differences between the input and output rates of inflation, the implications and consequences, and what action could be taken to enhance the banks position.arrow_forwardWith regards to inflation for the current year and medium term, comment on any differences between the input and output rates of inflation, the implications and consequences, and what action could be taken to enhance the banks position.arrow_forwardE4 Give an example of a good of your choice, whose real value has increased during your lifetime as a result of inflation. What do you expect to happen to its price in the future?arrow_forward
- Explain the differences between the International Monetary System and the International Monetary Fund. What are the three major types of crises most frequently addressed by the International Monetary Fund?arrow_forwardFind the factors that would lead to a change in demand and/or supply. Describe the new market equilibrium (price and quantity) Does the new equilibrium match the expected result of the expansion according to the report of the director of aviation Houston Airport System? Provide data to support your answer. Use your knowledge of supply and demand, to explain why United Airlines opposed the expansion plan by Southwest airlines.arrow_forwardConsider the market for cola soft drinks where Pepsi and Coke are dominating this market with well above 90% markets share combined.Under what market structure do Pepsi and Coke operate? What microeconomic model can best describe the behavior of Pepsi and Coke? Explain the main theme of this model. Given the obvious market share of both Pepsi and Coke, on what grounds would you justify the multibillion-dollar annual advertising spending by those two companies?arrow_forward
- Proponents of free markets argue that if all markets were perfectly competitive and if the government allowed prices to be determined by demand and supply, then for all products in the economy, Answer is not Option Carrow_forwardCompare the major events and their consequences leading up to the crises and shocks in the oil market associated with the oil crises in 1973, and during the Covid-19 outbreak in 2020. Explain your answer by considering discussions and examplesarrow_forwardDefine fiscal deficit? Explain why this economic statistic is so closely monitored in small fixed exchange rate economies? Give two reasons.arrow_forward
- Inflation is generally controlled by the Central Bank. The main policy instrument used is monetary policy, but in theory, there are a variety of other tools for controlling inflation. Using illustrative diagrams where necessary, explain how each of the following instruments can be used. a) Monetary policy b) Supply-side policies c) Fiscal policy d) Wage controlsarrow_forwardThe current economic crisis has impacted the personal finances and investment objective. Explain the steps in controlling your money and investment when you believe the economic condition heading to recession.arrow_forwardThe CPI was 17.2 in 1931. And was 12.9 in 1935. What is the inflation rate between 1931 and 1935?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning