<h2>Answer:</h2>
The following statements describes the free enterprise systems
- Citizens can own property
- Supply and demand drives production.
- Consumers and producers make their own decisions.
- Citizens can accumulate wealth.
<h2>Explanation:</h2>
Free enterprise system is the system in which market is free from government control. It is a type of capitalism. Market itself manage its price and business is easy to do. All the citizens are allowed to own property, consumers and producers can make their own decisions and every person is allowed to accumulate wealth if they want.
Answer:
shifts up the aggregate production function; moves the economy along the aggregate production function
Explanation:
An increase in the amount of physical capital per worker <u>shifts up the aggregate production function</u>, while technological progress <u>moves the economy along the aggregate production function</u>.
In the case of an increase in the amount of physical capital per worker, what is implied is that <u>at the same number of labor, output increases</u>; this will shift the aggregate production function outwards.
However in the case of technology, the scenario <u>does not say that technology is remaining at the same level</u> but is <u>progressing for output to increase</u>, hence the movement will not be a shift in the curve but a movement along the curve.
So you are giving credit to the sources and information that you used in the work and so you are not penalized for plagiarism
Answer:
The price control that could generate excess supply is to increase the price to 75 cents which would give the suppliers an incentive to supply since the potential profits have risen.
Explanation:
Market equilibrium can be defined as the point where market supply and market demand are equal,leading to stabilization of prices. The forces of supply and demand usually control the price at which goods and services will be set. Economists like Adam Smith utilized the concept of the free market to stipulate that the forces of supply and demand in a market will no government interference always push the market to it's equilibrium. Equilibrium generally means that the forces in the market have no incentive of changing their behavior.
Supply can be defined as the act of making something available to someone. In the context of an economy, the suppliers make goods and services available to the consumers. Demand on the other hand is the quantity of a good or service that consumers are willing purchase at a certain price. When demand exceeds the supply, the suppliers increase the price and when the supply exceeds the demand, the price drops.
In our case, increasing the price to 75 cents would give the suppliers an incentive to supply since the potential profits have risen. This would lead to excess supply since the price is set above the equilibrium price.
The puppy mill that was shut down is not an example of scarcity. Scarcity means "lacking" whether of time, money, or resources. The puppy mill doesn't create scarcity, in fact it created a surplus of dogs available for adoption. So the answer is B.
