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If price is above the equilibrium level competition among seller to reduce the resulting?
Lavinyawhite
Surplus will increase quantity demanded and decreae quantity supplied.
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∙ 12y ago
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When the customer demand is equal to the seller production what is this called?
Market equilibrium
How can a consumer can attain equilibrium through ic curve?
consumer attains equilibrium if the price of good by seller is same as price decided by buyer.
How would you define equilibrium quantity?
It is a state where quantity supplied by seller and quantity demanded by buyers are equal.
Distinguish between general equilibrium partial equilibrium analysis?
Partial Equilibrium, studies equilibrium of individual firm, consumer, seller and industry. It studies one variable in isolation keeping all the other variables constant.General Equilibrium, studies a number of economic variable, their inter relation and inter dependencies for understanding the economic system.
Equilibrium quantity is a state where quantity supplied by seller and quantity demanded by buyers are equal. True or False?
True
When will the equilibrium between the buyers and seller happen?
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When the customer demand is equal to the seller production what is this called?
Market equilibrium
How can a consumer can attain equilibrium through ic curve?
consumer attains equilibrium if the price of good by seller is same as price decided by buyer.
How would you define equilibrium quantity?
It is a state where quantity supplied by seller and quantity demanded by buyers are equal.
Show the characteristic of monopoly competition?
* A large number of buyers. * Only one seller/producer. * The producer/seller want to maximize his profit.
What is most likely to create a seller's market?
A seller's market is most likely to be created when there is high demand for houses but low supply, resulting in competition among buyers and driving up prices. Factors such as low interest rates, a thriving economy, and limited housing inventory can contribute to creating a seller's market.
Distinguish between general equilibrium partial equilibrium analysis?
Partial Equilibrium, studies equilibrium of individual firm, consumer, seller and industry. It studies one variable in isolation keeping all the other variables constant.General Equilibrium, studies a number of economic variable, their inter relation and inter dependencies for understanding the economic system.
Equilibrium quantity is a state where quantity supplied by seller and quantity demanded by buyers are equal. True or False?
True
What is most essential for an effiecent market economy?
Private property, specialization, consumer sovereighnty, seller competition, seller profit, voluntary exchange and minimal government involvement.
What is the meaning of basic market models?
the meaning of market models is competition derived from pure competition meaning many sellers, monopolistic competition meaning most sellers, oligopoly competition meaning few sellers and pure monopoly meaning one seller.
What are the differences between perfect and imperfect competition?
Perfect competition is a theoretical market situation in which there are many buyers and many sellers of virtually identical goods, with every buyer and seller possessing accurate information about availability and prices, and no individual buyer or seller is big enough to influence the market. In perfect competition, there are no barriers to entry - that is, anyone who wishes can easily get into the business of selling the particular goods.
What is the definition of price discrimination?
We know that in the prefect competition there are enormous buyers and seller but in the monopoly and imperfect competition there are few sellers and tremendous buyers, in this context, in imperfect competition seller sets the different prices to the different buyers, which is better known as price discrimination. More specially, price discrimination is the process of charging different prices to different customers as per the customers need, level of income, social status etc.
