Question

Define the market equilibrium What are the factors of production? What is the demand law? What...

  1. Define the market equilibrium
  2. What are the factors of production?
  3. What is the demand law?
  4. What is the supply law?
  5. What are the determinants of demand? And how they affect the demand curve?
  6. What are the determinants of supply? And how they affect the supply curve?
  7. What are the types of goods according to income, with definition?
  8. What are the types of goods according to the price of other goods, with definition?
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Homework Answers

Answer #1

1. Market equilibirum is a market clearing situation ij which there is no excess demand or excess supply . Market equilibroum is determined where Quantity demanded is equal to Quantity Supplied or where Market Demand equals to Market Supply.

2. Factors of Production are the inouts or resources that are used in the production process. Land, Labor, Capital and Enterpreneurship are the four major factor of production

3 Demand law exhibits the relationship between price and quantity demanded. It states that there is inverse relationship between price and quantity demanded. As price rises, quantity demanded falls.

4. Law of supply states the positive relationahip between price and quantity supplied. As price of a good increases its quantity supplied will also rise.

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