Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 23, Problem 13CQ
(a)
To determine
Competition in the market and the importance of competition and cost efficiency.
(b)
To determine
Competition in the market and the importance of competition and cost efficiency.
(c)
To determine
Competition in the market and discovery of goods and services.
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Students have asked these similar questions
How does competition affect prices in a market system? How does it affect supply(what producers provide) and demand (what consumers want)?
How do firms or business in a competitive market decide what prices are and how does the economy look like? What if they are all selling the same product?
How do markets operate to bring product into existence?
How does that relationship affect supply and demand for the various markets involved?
In what ways has the change in supply and demand affected the market?
What enabled the many participants in the production of this product to cooperate, and how has this affected the production of the product?
Chapter 23 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- What are these mismatched trends telling us about how demand and supply work in the market?arrow_forwardWhat price does a firm charge for the good it produces?arrow_forwardAnswer the following questions. 1. In the year 2000, the town of Cuenca in Batangas did not have mountain resorts. Because of the influx of mountaineers to Mount Maculot during weekends, there are now five resorts operating in the said town and more than 10 resorts in nearby towns. All these resorts offer the same amenities-swimming pools and affordable lodgings. What feature of competitive markets does this demonstrate? Explain your answer.arrow_forward
- What is the importance of competition in markets?arrow_forwardEveryone shops for things they need for themselves and for gifts for others. Imagine you are taking an online class and you are looking to buy a new computer because your old one died. Class starts in two days. The market for computers is very competitive. There are several brands that have similar characteristics such as storage capacity, processor speed, number of USB ports, etc. but you have owned one that you liked and you want to buy that same brand, the X-Mark. You have a budget of $1,000. One popular store has the brand you like on sale for $850 because other stores are selling them for that price. You have a friend at that store who tells you that the store paid $700 for that computer. Please evaluate and explain the willingness to pay, consumer surplus, demand, producer surplus, cost and willingness to sell of this transaction. Define these terms in your explanation, not as separate definitions. Incorporate the meaning into your narrative so that you write a convincing…arrow_forwardA competitive market system is efficient. Discuss and explain this statement in detail. Your answer may include diagrams.arrow_forward
- What are the two essential characteristics of a competitive market?arrow_forwardIdentify markets in which you act as a buyer/demander and markets in which you act as a seller/supplier. A. Your purchase coffee in a coffee shop B. You consider which politician to vote for an upcoming election. C. You seek employment in the industry for which you have trained. D. You've written a book and several publishers are interested in purchasing the rights to publish your work. E. You're considering which job applicant to hire at your companyarrow_forwardName the three markets.arrow_forward
- Using cell phones as an example, explain the laws of supply and demand. Use details to support your answer.arrow_forwardRules and laws are a large part of business. Who imposes regulations that require suppliers to follow and enforce certain guidelines? consumers the government producers technology firmsarrow_forwarda) What are the basic differences between “competition in the market” and “competition for the market”?arrow_forward
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