In perfect competition, when market demand decreases, explain how the price of the good and the output
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
When market demand decreases the market price of the good falls and the market quantity decrease...View the full answer
Answered By
Sufiyan Ahmed Tariq
I am a Chartered Accountant and an Associate Public & Finance Accountant. I also hold a bachelors of Commerce degree. I have over 8 years of experience in accounting, finance and auditing. Through out my career, I have worked with many leading multinational organisation.
I have helped a number of students in studies by teaching them key concepts of subjects like accounting, finance, corporate law and auditing. I help students understanding the complex situation by providing them daily life examples.
I can help you in the following subject / areas:
a) Accounting;
b) Finance;
c) Commerce;
d) Auditing; and
e) Corporate Law.
4.90+
7+ Reviews
17+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Graph and explain the adjustments to long-run equilibrium when market demand decreases in a constant-cost industry.
-
Multiple Choice Questions 1. In perfect competition, at a firms short-run profit-maximizing output, a. Its marginal revenue equals zero. b. Its average revenue could be greater or less than average...
-
True or False: 1. In perfect competition, no single firm produces more than an extremely small proportion of output, so no firm can influence the market price. 2. Perfectly competitive firms are...
-
An electric field is E = 300 N/C i for x > 0 and E = 300 N/C i for x < 0. A cylinder of length 20 cm and radius 4 cm has its center at the origin and its axis along the x axis such that one end is at...
-
Consider the continuous random variables that follow. Give the probability distribution (uniform, normal, or exponential) that is likely to best approximate the distribution of the random variable:...
-
Sound is passing perpendicularly through an open window whose dimensions are 1.1 m 0.75 m. The sound intensity level is 95 dB above the threshold of hearing. How much sound energy comes through the...
-
Design a process for the separation of \(1,000 \mathrm{kgmol} / \mathrm{hr}\) of a mixture composed of \(50 \mathrm{~mol} \%\) acetone (A) and \(50 \mathrm{~mol} \%\) heptane (C) to highly pure...
-
At the end of the current year, $12,300 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than...
-
What rules, regulations, or policies address the copy and paste functionality regarding documentation in EHR systems?
-
The following quality cost report came from the records of Nelson Company. Required a. Explain the strategy that Nelson Company initiated to control its quality costs. b. Indicate whether the...
-
Why is a firm in perfect competition a price taker?
-
What triggers entry in a competitive market? Describe the process that ends further entry.
-
Visit a local business with international operations. Discuss with them some possible international marketing research projects they could undertake.
-
6. (20 points) Suppose we are solving a linear program formulated as a minimization prob- lem using the simplex method. When selecting the entering variable, there are at least three different...
-
What precautions should a school leader take with regard to the possibility of embezzlement? In what ways is a school leader vulnerable to the budgetary risk factor? As you discuss these questions,...
-
What suggestions wouldyouhave for adult educators to increase engagementandself-directednessof adult learners in an online setting? Explain
-
Multiple Choice Question On December 31, 2024, Sparrow Company has bonds with an amortized cost of $424,000 and a fair value of $452,000. These bonds are properly classified as AFS securities. On...
-
Describe a "Decision" made by either you or another person that you would consider one with an ethical component. Identify whether or not you agreed or disagreed with the decision and why? If it was...
-
In Exercises 13 through 28, sketch the graph of the given function. Include all x and y intercepts. f(x) = V1- x
-
Problem 3.5 (4 points). We will prove, in steps, that rank (L) = rank(LT) for any LE Rnxm (a) Prove that rank (L) = rank (LTL). (Hint: use Problem 3.4.) (b) Use part (a) to deduce that that rank(L) =...
-
In the countries to which the immigrants return, explain how employment, the real wage rate, and potential GDP would change. Suppose that the United States cracks down on illegal immigrants and...
-
In the market for cell phones, which of the following events increases the supply of cell phones? A. New technology lowers the cost of making a cell phone B. Rise in the price of an e-book reader (a...
-
In the market for cell phones, which of the following events increases the supply of cell phones? A. New technology lowers the cost of making a cell phone B. Rise in the price of an e-book reader (a...
-
A lottery offers two options for a prize, A and B, as shown below. Option A : $1,000 a week for life. Option B : $1,000,000 in one lump sum. If you choose Option B, you have the opportunity to place...
-
What did they do to accelerate analysis and results in general electric case?
-
Consider the given complete graph. (a) Find a low-weight Hamilton circuit by using the Nearest Neighbor Algorithm B beginning at vertex A. (b) The weight of this circuit is A 18 3 15- E 10 6 7 14 13...
Study smarter with the SolutionInn App