An industry that has many companies offering the same basic product, but with some slight difference is B. monopolistic competition.
Monopolistic competition is found in industries where slight differences of a product is possible but they basically offer the same thing. A few examples of monopolistic competition are those in the restaurant or hospitality career field. These businesses offer food or hotel rooms which are what their competitions offer as well, but what they include within their packages or their food offerings may differ.
Answer:
If a shortage exists in the cantaloupe market, then the current price must be lower than the equilibrium price. For the market to reach equilibrium, you would expect buyers to offer higher prices.
Explanation:
As there is shortage in cantaloupe market ( Supply curve shifts to the left), there are not enough cantaloupe to sell to buyers.
So, buyers will compete for lower supply amount of cantaloupe by willing to pay higher price.
With the existence of supply shortage and buyers is willing to pay higher price, the equilibrium price will goes up, thus it will be higher than the current price.
According to the investment model there should be a degree of satisfaction in the relationship to have stability. But Dave doesn't have that commitment which means he is not satisfied with his relationship. This led him to be attracted with other women he worked with. He felt that these women showed interest to him and he thought of this can be the opportunity to find someone else. This is his alternative to find satisfaction that he is looking for.
Answer:
d. All of the above are correct.
Explanation:
- If the current price exceeds equilibrium price, suppliers are willing to sell more units than in equilibria conditions (Qs in the picture below) , and consumers are willing to buy less units than in equilibria conditions (Qd in the picture below), as shown in the graph that has been attached.
- Then, quantity supplied is greater than quantity demanded (Qs>Qd).
- Equilibrium quantity (Q* in the picture) exceeds quantity demanded at $30 price (Qd in the picture), which is related to the decreased in quantity demanded when prices increases: in equilibrium prices are lower than $30, then consumers are willing to buy more.
- Because quantity supplied is greater than quantity demanded, there is a surplus of blue jeans at $30 price (the different between the amount that consumers are willing to buy and the amount suppliers are willing to sell is positive, and its magnitude equals the surplus of blue jeans).
- See picture attached.
