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Which mechanims allocate resources when the price of a good is not allowed to bring suppy and demand into equilibrium?
When the price of a good is not allowed to bring supply and demand into equilibrium, some alternative mechanism must allocate resources. If quantity supplied exceeds quantity demanded, so that there is a surplus of a good as in the case of a binding price floor, sellers may try to appeal to the personal biases of the buyers. If quantity demanded exceeds quantity supplied, so that there is a shortage of a good as in the case of a binding price ceiling, sellers can ration the good according to their personal biases, or make buyers wait in line.
Why do consumers sometimes take a while to respond to price changes?
Consumers cannot find acceptable substitutes immediately. Most consumers nowadays do price comparisons. Even being 'forced' to accept a higher price (e.g. all prices the same on comparable products) does not automatically bring buyers because buyers hate how companies dictate our buying practices.
Which is a reason the European Union was created?
to bring europe back together again
What is profit maximization in perfect competion?
Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other market structures are compared. The industry that best reflects perfect competition in real life is the agricultural industry.WHAT IS A PERFECT COMPETITION?solution - It is that form of market where are very large numbers of buyers and sellers and same product sold with fixed price.Now I explain that How in perfect comp. very large numbers of buyers and sellers, fixed price and same product sold.....A perfect competition is the competition of product sold means If buyer wants to sell a product (ex. maggie), so he is not a single seller that he sells that product (maggie), there are many sellers that sells the same product... so a perfect competition found If the product sells to huge numbers of customers means If customers like product so much .. so every seller wants to sell the same product(ie ex. maggie).So thats why in perfect competition a huge numbers of sellers and a huge numbers of customers.Now i take example..Imagine a market in which every seller has maggie product.. so if customer wants to buy a maggie.. he has many option to buy a maggie to that seller. If one seller wants to attract the customer by lowering the price ie 10 to 8, so he will bring losses in the firm because if he purchase the product in Rs8 so how he sell the product in that rate. And if he wishes to high the price, so you know customers has many option that i above explained.. so same price prevails in the market or inother words a firm is price taker and industry is price maker.
How are shopping center good for the economy?
Shopping centres bring together lots of different businesses, usually under one roof. This way, the shopper has lots of choice and can shop in comfort.
Why do financial intermediaries exist?
The function of financial intermediaries is to easily and efficiently bring together buyers and sellers of financial assets.
Under what auspices do commodity contracts brokers offer professional services?
In general, brokers are independent traders who bring together buyers and sellers of the same commodity and execute their orders. The broker receives a commission on each of these transactions
When did 'Bandwidthplace' first launch their service offering?
The Bandwidthplace was created in 1999 as a way to bring together bandwidth sellers and buyers. They also offer a bandwidth test that has received mixed reviews as to its effectiveness in confirming bandwidth usage.
Which mechanims allocate resources when the price of a good is not allowed to bring suppy and demand into equilibrium?
When the price of a good is not allowed to bring supply and demand into equilibrium, some alternative mechanism must allocate resources. If quantity supplied exceeds quantity demanded, so that there is a surplus of a good as in the case of a binding price floor, sellers may try to appeal to the personal biases of the buyers. If quantity demanded exceeds quantity supplied, so that there is a shortage of a good as in the case of a binding price ceiling, sellers can ration the good according to their personal biases, or make buyers wait in line.
What did the desert nomads in the Indus Valley civilization bring?
They may have invented the camel caravan to bring goods to buyers.
When did Bring Us Together happen?
Bring Us Together happened in 1968-10.
Forces that bring people together are called?
Centripetal forces bring people together.
What things at an auction bring the highest prices?
things that are rare but desireable bring in more money. things like specialty cars ,art or historical items are hot sellers
What does re-unit mean?
To bring or come together again.
What does a swicth bring together?
a switch brings together circuits
What Different elements is to bring them together?
me
To bring different elements together is what?
me
