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How does the concept of market equilibrium reflect the interaction of producers and consumers in a market?
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Who introduced the concept consumers surplus?
Alferd Marshall....
What is the explanation for the concept of marginalism in economics?
consumers surplus define
What economic concept is defined as the measure of how responsive consumers are to price change?
That one.
Which economic concept is defined as the measure of how responsive consumers are to price change?
consumer expectation
Supply and quantity supplied?
Supply means ,A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Quantity supplied is a change in price along the supply curvereffers to the ammount of goods and services producers are able and willing to put on the market for sale at a given price in a given period of timeQuantity Supplied : The ammount of goods producers are willing to put on the market at a given price
What is producer sovereignty?
Producer sovereignty is the concept that producers have control over what goods and services are produced based on their assessment of consumer demand and profitability. This means that producers have the power to determine production levels, pricing, and quality in the market.
What is Crustal Uplift?
it is concept of earths crust is gravitational balance or equilibrium.
Who introduced the concept consumers surplus?
Alferd Marshall....
The concept that evolution occurs over long periods of stability that are interrupted by geologically brief periods of change is known as?
punctuated equilibrium
What is the explanation for the concept of marginalism in economics?
consumers surplus define
Does the concept of consumer sovereignty refer to situations in which consumers are represented on the Board of Directors of large corporations?
Yes, the concept of consumer sovereignty refers to situations in which consumers are represented on the Board of Directors of large corporations.
What describes the concept Cultural Domains?
categories of sociocultural interaction that every culture exhibits
What economic concept is defined as the measure of how responsive consumers are to price change?
That one.
What is the difference between a production concept and product concept?
AnswerTo me the difference lies in what is being produced. A product conceptwould be an idea for an item or product. A production concept would be the concept conceived for creating the product.--------------------------------------------------------------------------------------------------------------Production Concept-consumers favor products that are available and highly affordable-improve production and distribution-also known as manufacturing conceptProduct Concept-consumers favor products that offer the most quality, performance, and innovative features
What is the concept of the Nash equilibrium?
The Nash equilibrium describes a type of game theory. In this theory based around uncooperative games, it's stated that no player has anything to gain by only changing their strategies.
Which economic concept is defined as the measure of how responsive consumers are to price change?
consumer expectation
Disadvantages of production concept in management philosophies?
Thw main criticism against this philosophy is that the consumers are not given personal attenntion and the management is not responsive to consumers' views.
