The intersection between the upward sloping function (the supply curve) and the downward sloping function (the demand curve) is the equilibrium price of the market, the point at which the wishes of consumers and suppliers meet.
The graph described should be like the one attached. The example includes the demand and supply curves and the equilibrium price of a market of agricultural products.
When the economic authorities set a minimum price (also called price floor), above the equilibrium price there is a situation of excess supply.
- Producers are willing to produce a larger quantity in the price floor scenario, as they will earn a higher price per unit commercialized.
- Consumers are willing to consume a smaller amount of product units at a more expensive prices.
The wishes of producers and consumers do not meet in the price floor situation, the quantity supplied is larger than the quantity demanded and therefore there is an excess supply.
Answer:
Reconstruction, in U.S. history, the period (1865–77) that followed the American Civil War and during which attempts were made to redress the inequities of slavery and its political, social, and economic legacy and to solve the problems arising from the readmission to the Union of the 11 states that had seceded at
Explanation:
Power deriving from one's personal attraction is called referent power.
Answer:
informational
Explanation:
The type of social influence which involves conformity to a group norm prompted by the belief that the group is competent and has the correct information is known as informational.
One of the primary observations made by the researchers after forty years of studying people that are consistently engaging in the anaerobic exercise was that these people are mostly likely much fitter and leaner. In addition, anaerobic exercise is a type of exercise wherein the body usually demands more oxygen that its capacity to hold.
