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Luda [366]
3 years ago
13

Determine how each scenario will impact either supply or demand in the given market.

Business
1 answer:
Mila [183]3 years ago
3 0

Answer:

Please see the answer together with the explanation in the below Explanation section.

Explanation:

The price of goose feathers, an input for pillows, increases sharply: Supply will decreases as some suppliers will move away from the market due to increase in production cost causing them to a profitability level lower than their expectation.

Researchers develop a higher-yielding, insect-repellant strain of rice: Supply of price will increase as with higher productivity rice plant.

During the Great Recession, the average income for an American worker fell sharply. During that time, families began preparing more of their own meals: demand will decrease as less people is willing/able to afford meals at the current market price, supply will also decrease as some of the restaurant closes down due to low revenue, some who still maintain expected profit margin will decrease price to meets people's affordability.

Spam unveils a new flavor, barbeque, which has students intrigued. The students transition from buying ham to Spam: Demand will increase as student prefer spam over ham and they are willing to pay more to enjoy better taste. With higher price, there is more motivation for spam to produce more which will also increase supply side of the market.

iDecide, a consulting firm, joins the market for accounting: supply will increase as there are more suppliers in the markets.

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One advantage of free trade is: Group of answer choices advanced production operations are built in low-wage countries. innovati
marshall27 [118]

Answer:

Innovation for new products occurs which keeps firms competitively challenged

Explanation:

Free trade can be regarded as a

theoretical policy , that governments use when there is no imposition of

tariffs/taxes, as well as duties on imports as well as exports.

free trade can be regarded as the opposite of protectionism. It should be noted that One advantage of free trade is Innovation for new products occurs which keeps firms competitively

7 0
3 years ago
The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
12345 [234]
<span>The amount of a product that people are willing and able to purchase at a specific price is referred to as </span>demand.
8 0
3 years ago
describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. which sho
bogdanovich [222]

A company in monopolistic opposition produces an allocatively green output degree even as a company in best opposition produces a productively green output degree.

The long-run equilibrium answer in monopolistic opposition usually produces 0 monetary income at a factor to the left of the minimal of the common overall value curve. The life of excessive limitations to access prevents corporations from coming into the marketplace even withinside the long run.  

Therefore, it's far viable for the monopolist to keep away from opposition and hold making tremendous monetary income withinside the long run. One feature of a monopolist is that it's far a income maximizer. Since there's no opposition in a monopolistic marketplace, a monopolist can manage the charge and the amount demanded. The degree of output that maximizes a monopoly's income is calculated through equating its marginal value to its marginal revenue.

Learn more about company in monopolistic here:
brainly.com/question/25717627

#SPJ4

8 0
1 year ago
Assume lawyer services are priced by the hour and elasticity of demand for a particular lawyer is 0.6. If she were to increase h
Dmitry [639]

Answer:

C. Fall, 30%, Rise

Explanation:

  • Price Elasticity of Demand is responsive change in demand, due to change in price.

P.Ed = % change in demand / % change in price.

Given : Price rise by 50% , P.Ed = 0.6

So, % change in demand = P.ed x % change in price

% change in demand = 0.6 (50)

% change in demand = 30%

Law of demand states negative relationship between price & demand, so P.ed is negative. Price rise 50% reduces demand by 30%.

  • P.Ed can be : Elastic ( > 1 ), or Inelastic ( < 1 ).  If P.Ed is Elastic, price & total revenue are inversely related. If P.Ed is Inelastic, price & total revenue are directly related.

So, Given PEd = 0.6 (i.e < 1 ) : Inelastic Demand implies price & total revenue are directly related related to each other. So, price fall lead to TR fall & price rise lead to TR rise.

6 0
3 years ago
From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and ex
Tasya [4]

Answer:

B. False

Explanation:

<em>Total Product offer </em>is every aspect of a product which the customer evaluates before buying.

From strategic marketing viewpoint, the customer may evaluate the product on both the tangible and intangible attributes.

An example of this is the iPhone by Apple. On tangible level, the product itself, the packaging and others are tangible attributes that a customer may evaluate. On intangible level, the brand name, perceived benefits, convenience, purchase services, and many other factors are part of the iPhone as the intangible attributes that the customer will evaluate.

As a marketer, one should think and talk in the language of customers- let it be from either tangible or intangible point of view.    

7 0
3 years ago
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