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The controller of a monopoly sets the price of goods by charging?
the price at which the profit is maximized
Why does the government set a price floor on goods?
Price floors on some goods are set by Gov. because by doing so it will keep the price of certain goods above its equilibrium price. In other words, gov. sets a price floor to keep a minimum price for some goods. For instance, something that could cost $1 (without gov intervention), ends up costing $3 due to a price floor. There's usually a LOT of lobbying in congress to set a price floor for a specific good. Once the price floor has been set, there's usually an excess supply of the particular good or goods.
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
What detemines the price and the quantity produced of goods?
Supply determines the price and quantity of produced goods.
Who sets the price of goods in Australia?
the governor-general sets prices?
Who sets the prices for goods in Australia?
The consumer does unless they sign a agreement with the wholesaler allowing them to set the price.
The controller of a monopoly sets the price of goods by charging?
the price at which the profit is maximized
What is the definition of an effective price floor?
Government sets the minimum selling price and prices of goods are not supposed to fall below this price. This Causes Surplus and purchasers Overpay.
Why does the government set a price floor on goods?
Price floors on some goods are set by Gov. because by doing so it will keep the price of certain goods above its equilibrium price. In other words, gov. sets a price floor to keep a minimum price for some goods. For instance, something that could cost $1 (without gov intervention), ends up costing $3 due to a price floor. There's usually a LOT of lobbying in congress to set a price floor for a specific good. Once the price floor has been set, there's usually an excess supply of the particular good or goods.
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
How do people and goods travel in Australia?
People and goods travel in Australia by cars, I guess.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
What does Australia trade with China?
The economies of China and Australia are strongly complementary. Australia exports agricultural goods to China, while China exports electronic goods to Australia.
How does the price system affect goods and services?
goods and services whether it may be anything price will be there for it
What detemines the price and the quantity produced of goods?
Supply determines the price and quantity of produced goods.
Costs of goods sold is also called?
price at which goods are sold is called selling price
