Question

What are the characteristics of a market in equilibrium? (Hint: discuss in terms of shortages, surpluses,...

What are the characteristics of a market in equilibrium? (Hint: discuss in terms of shortages, surpluses, quantity demanded, quantity supplied, and price.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The equilibrium price is the price Group of answer choices from which there is always a...
The equilibrium price is the price Group of answer choices from which there is always a tendency to move away. at which quantity supplied equals quantity demanded. suppliers agree to charge. where there are surpluses and shortages. Flag this Question Question 8 3 pts Suppose the football team at your university wins 10 games in a row. The following will be a possible outcome of this event in the market for football tickets: Group of answer choices The equilibrium price...
Write a one-paragraph response. If the price of a product is currently above the equilibrium price,...
Write a one-paragraph response. If the price of a product is currently above the equilibrium price, discuss what would happen in the market. In your discussion, explain what happens to price, to quantity supplied, and to quantity demanded, as the market adjusts toward equilibrium.
In the video lecture on equilibrium, we introduced two economics concepts - surpluses and shortages. A...
In the video lecture on equilibrium, we introduced two economics concepts - surpluses and shortages. A surplus occurs when Qs>Qd and a shortage occurs when Qd>Qs. According to economic theory, to fix a shortage a firm will increase the price and to fix a surplus a firm will lower the price. However, firms do not always react this way. For example, when I went to see a very popular movie on the release date I wasn't able to get a...
ndogenous, exogenous variables; Slope of a line - Equilibrium in the market-place means that quantity supplied...
ndogenous, exogenous variables; Slope of a line - Equilibrium in the market-place means that quantity supplied (Qs) equals quantity demanded (Qd). Consider the following market where quantity demanded and quantity supplied are res given respectively: QS = -8 + 4P and Qd = 42–6P. It follows that the equilibrium price ( Pe) = _________. In the context of the supply and demand model, the two variables (Qd and Qs) are referred to as ____________ variables (endogenous; exogenous). Explain your answer....
Consider the market for pencils. If there is an effective price ceiling for pencils, then: A)...
Consider the market for pencils. If there is an effective price ceiling for pencils, then: A) quantity demanded is equal to quantity supplied B) quantity demanded is greater than quantity supplied C) price is above the equilibrium price D) quantity demanded is less than quantity supplied
Suppose the market demand for tickets to a hockey game is Qd = 10,000 – 400P...
Suppose the market demand for tickets to a hockey game is Qd = 10,000 – 400P and the supply is Qs = 4000 what price should they charge to make sure that there are no surpluses or shortages – the price necessary to exactly clear the market? Draw a market model to show this equilibrium price and quantity for hockey tickets.
An economic equilibrium is explained by the following: 答案选项组 price and quantity are inversely related price...
An economic equilibrium is explained by the following: 答案选项组 price and quantity are inversely related price and quantity are directly related when all shortages in markets are equal to industry factors when all surpluses are equal to all market conditions price and quantity are at an equal point
1. [Market Equilibrium] Following table shows information about the demand for apples in the wholesale market....
1. [Market Equilibrium] Following table shows information about the demand for apples in the wholesale market. Price, P ($/lb) Quantity Qd (lbs) 10/0 8/4 6/8 4/12 2/16 (a) Draw a graph with Price (P) on the vertical axis and Quantity demanded (Qd) on the horizontal axis? (b) Write the equation for this inverse demand function. (c) What is the quantity demanded when P = $3/lb? Following table shows information about the supply of 20 lbs box of apples in the...
Suppose demand and supply are given by Qd = 60 - P and Qs  = 1.0P -...
Suppose demand and supply are given by Qd = 60 - P and Qs  = 1.0P - 20. a. What are the equilibrium quantity and price in this market? Equilibrium quantity:   Equilibrium price: $   b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $52 is imposed in this market. Quantity demanded:   Quantity supplied:   Surplus:   c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price...
5.2.1. Redraw the graph and illustrate what the effect on the market will be if a...
5.2.1. Redraw the graph and illustrate what the effect on the market will be if a price is charged above the equilibrium price. (4) 5.2.2. At any price below the equilibrium price, the quantity demanded will be greater than the quantity supplied. This means that there is an excess demand for milk. Explain how market forces will eliminate an excess demand for milk. (2) 5.3. Calculate the equilibrium quantity and price if the quantity supplied can be represented by the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT