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What is it called When the demand is high and supply is low?
A seller's market.
What is Market Supply?
The total supply of every seller willing and able to sell a good.
Which of the following is a determinant of market supply curve but not a determinant of an individual seller's supply?
number of sellers
How are market supply curves obtained?
The individual seller is only one of a great many sellers. The market supply curve is obtained by seeing what each seller does at a price and then adding up all the outputs at that price.
What is the difference between a monopoly and a monopsony?
A monopoly is when a single company controls the supply of a product or service in a market, while a monopsony is when a single buyer controls the demand for a product or service in a market.
What is it called When the demand is high and supply is low?
A seller's market.
What is Market Supply?
The total supply of every seller willing and able to sell a good.
Which of the following is a determinant of market supply curve but not a determinant of an individual seller's supply?
number of sellers
How are market supply curves obtained?
The individual seller is only one of a great many sellers. The market supply curve is obtained by seeing what each seller does at a price and then adding up all the outputs at that price.
What is the difference between a monopoly and a monopsony?
A monopoly is when a single company controls the supply of a product or service in a market, while a monopsony is when a single buyer controls the demand for a product or service in a market.
What determines the quantity of a good that sellers supply?
The demand of the consumer determines the quantity of goods a seller supplies. Supply and demand also affects market price.
When discussing supply you must look at things from whose point of view?
When discussing supply, you must look at things from the seller's point of view. This includes analyzing factors such as production costs, technology, and price expectations that influence how much a seller is willing and able to supply in the market.
When a company controls the entire market and eliminates it's competition it's called a?
Monopoly. A monopoly occurs when a single company dominates the market and has the power to set prices and control supply without facing significant competition.
In economic terms what does market mean?
the coming together of a buyer and seller
What is the difference between excess demand and excess supply?
Excess demand (a seller's market) means the product is in short supply and prices will rise. Excess supply (buyer's market) means too much product as compared to demand and therefore prices will fall.
Is monopoly a vegetable?
No, a monopoly is not a vegetable; it is an economic term that describes a market structure where a single seller dominates the market, controlling the supply of a product or service. In a monopoly, the seller has significant power to influence prices and restrict competition. The term is often used in discussions about market fairness and regulation.
Exceptions of law of supply?
Many ExceptionsWhile the law of supply generally reflects what happens on the supply side of market, it is not a universal principle that applies to all markets under all circumstances. There are, in fact, numerous important exceptions to the law of supply. In particular, if the supply side of the market is controlled by small number of sellers (including a single seller), then the law of supply might not operate. For example, monopoly, which is a market with a single seller, is not necessarily inclined to offer a larger quantity supplied even though the price is higher. Market control by the monopoly allows it to set the market price based on demand conditions, without cost constraints imposed from the supply side. Other market structures, including oligopoly andmonopolistic competition, might have more competition, but market control can also negate the law of supply.
