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Sunny_sXe [5.5K]
3 years ago
5

At a price of $15, consumers demand 100 shirts and producers supply 50 shirts. So at this price, there is a(n) _____ .

Business
2 answers:
belka [17]3 years ago
7 0
The answer choice that would solve this would be A).
asambeis [7]3 years ago
6 0

Answer:

A.) excess demand

Explanation:

In a market economy, the interaction between supply and demand determines the selling price of products and services. When supply equals demand, we say that the economy is in equilibrium and the price charged is called the equilibrium price. On the contrary, when demand is greater than supply, as in this case where at the price of 15 consumers want to buy 100 units, but sellers are only willing to sell 50 units, there is an excess of demand. Likewise, when supply is greater than demand, an oversupply occurs.

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3 years ago
Since Tanya Martin retired, she has used income from her investment in the Alger Mid Cap growth fund to supplement her other ret
elena-s [515]

Answer:

She will receive $ 7,700.

Explanation:

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3 years ago
The federal trade commission (ftc) created the _____ rule, giving consumers three days to cancel purchases they make from salesp
yawa3891 [41]
Cooling-Off Rule. 

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4 years ago
Firm XYZ produces and sells corn in a perfectly competitive market and hires its workers in a perfectly competitive labor market
Korolek [52]

Answer:

(B) Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Downward Sloping

Explanation:

If Firm XYZ produces and sells corn in a perfectly competitive market and hires its workers in a perfectly competitive labor market, the statement that best describes the demand curve for XYZ's corn and XYZ's demand curve for labor is: Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Downward Sloping.

In a perfectly competitive market for commodities, <u>the demand curve is horizontal because demand is equal to average revenue and is also equal to marginal revenue.</u>

However in the perfectly competitive labor market, the case is different because the wage rate is set by the industry not just one firm, and demand for factors of production such as labor has an inverse relationship with the wage rate.

Furthermore, the law diminishing returns affects the demand for labor because as the firm adds more and more worers, the marginal productivity of each will decline. H<u>ence MP (marginal productivity) is less than AP (average productivity) which leads to a downward sloping demand curve</u>

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4 years ago
Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to
gladu [14]

Answer:

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Explanation:

6 0
4 years ago
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