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How does the market determine the price and the quantity supplied in demand?
it depends upon the demand of the people.... if demand of a particular commodity increases then the supply will automatically increase and in case of shortage, the suppliers would raise the prices of that specific good.
Which of these groups of producers working together to raise prices and increase profits?
A Cartel
When there is a shortage producers raise prices in an attempt to?
When there is a shortage, producers raise prices in an attempt to balance supply and demand. Higher prices can discourage some consumers from purchasing the product, thereby reducing demand and allowing more of the product to be available for those who value it most. Additionally, increased prices can incentivize producers to increase production or attract new entrants into the market, ultimately helping to alleviate the shortage.
What method does 'OPEC' use to raise the price of oil?
OPEC uses supply and demand to determine prices. If they want to raise the price, they slow down production. The lower supply will equal higher prices.
Who would raise prices on exports to increase profits and why?
That would depend on the elasticity of demand. If the elasticity were sufficiently high, a firm would want to increase export prices to increase their total revenue; if else, they would want to lower or maintain their price.
How does the market determine the price and the quantity supplied in demand?
it depends upon the demand of the people.... if demand of a particular commodity increases then the supply will automatically increase and in case of shortage, the suppliers would raise the prices of that specific good.
After the trusts had eliminated the competition they would cut back on production and?
raise prices
Which of these is a group of producers working together to raise prices and increase profits?
cartel
Which of these groups of producers working together to raise prices and increase profits?
A Cartel
When there is a shortage producers raise prices in an attempt to?
When there is a shortage, producers raise prices in an attempt to balance supply and demand. Higher prices can discourage some consumers from purchasing the product, thereby reducing demand and allowing more of the product to be available for those who value it most. Additionally, increased prices can incentivize producers to increase production or attract new entrants into the market, ultimately helping to alleviate the shortage.
What firms could raise prices and expect an increase in revenus?
a firm whose product has an elasticity of 0.31
What method does 'OPEC' use to raise the price of oil?
OPEC uses supply and demand to determine prices. If they want to raise the price, they slow down production. The lower supply will equal higher prices.
Who would raise prices on exports to increase profits and why?
That would depend on the elasticity of demand. If the elasticity were sufficiently high, a firm would want to increase export prices to increase their total revenue; if else, they would want to lower or maintain their price.
What is the affect of global outsourcing?
Global outsourcing is purchasing inputs from overseas suppliers or producing a product overseas, so as to lower production costs and/or raise the quality of the product.
What are farm ARPs?
Acreage Reduction Programs (ARPs), are designed to control production, raise market prices, and lower government outlays.
Provide Examples of prices can be pulled up on the demand side and how prices can be pushed up on the supply side?
Examples of prices can be pulled up on the demand side : Lets say the whole supply or producton of chickens is 1000 pieces per month for 10K users. Suddenly there is an increasing number of buyers or users due to festivals for example. The supplier for chickens will raise the price knowing that users will still buy their chickens eventhough at higher price rather than increase the production which shall also add their production costs. Examples of prices can be pushed up on the supply side : When suppliers faced in the increasing price of items related to their production of chickens for example, the rising cost of chicken's foods and services charges, the supplier will raise the price of their chickens to cover their additional cost of productions. However there is another factor other than supply & demand and the rising cost of services charges that can contribute to the hike of items in the market today...
Why are oil companies cutting output in December of 2008 of oil is it to raise prices and profit?
Yes. It's in all the articles about production cuts.
