0
The interaction of the producer and the consumer establishes a price.?
Wiki User
∙ 6y ago
true
Wiki User
∙ 6y ago
Add your answer:
Earn +20 pts
What is intelligent consumer?
A person who knows the quality of products, how much to spend for products, and where to purchase them for the lowest price. Read The Secrets of an intelligent consumer.
How is a consumer cheated?
One way is by selling low quality products at a very high price. Another is for the vendor to not back up a warranty.
What is obo price?
Used can be a low as a few thousand. New oboes can go for 8-10 thousand, depending on whether it is a student or pro model, materials (plastic vs. wood), and producer.
What are Main functions of consumer courts?
The main function of consumer court is to ensure that every consumer has the right to seek redressal in the courts, and the court should see that the consumer is satisfied by the verdict of the judges and is provided the following reliefs :- o Removal of defects from the good. o Replacement of the goods. o Refund of the price paid. o Award of compensation for the loss or injury suffered. o Removal of defects or deficiencies in the services. o Discontinuance of unfair trade practices. o Withdrawal of the hazardous goods from being offered to sale. o Award for adequate costs to parties. - Sagar Sood
What is the Objective of consumer protection act?
The main objective of the Consumer Protection Act, 1986 is to protect the interest and safeguard the rights of the consumers which are as follows:Right to be protected against the marketing of goods and services which are hazardous to life and propertyRight to be informed about the quality, quantity, potency, purity, standard and price of goods or services so as to protect the consumer against unfair trade practicesRight to be assured , wherever possible , access to a variety of goods and services at competitive pricesRight to be heard and to be assured that consumers' interests will receive due consideration at appropriate forumsRight to seek redressal against unfair trade practices and unscrupulous exploitation of consumersRight to consumer education.Regards,Jayesh K Deokar
The interaction of the producer and the consumer establishes a price?
True.
What does the interaction of a producer and consumer establish?
market price (A+)
What does the interaction of produce and consumer establish?
market price
What is the agreement between the producer and consumer on a price called?
market
The agreement between the producer and consumer on the price is called the?
Market
How are consumer surplus and producer surplus measured?
Consumer surplus and producer surplus are measured using the price applied. Consumer surplus is when a consumer pays a less amount than expected while producer surplus is when a product fetches more money that expected.
What happens if the producer price index goes up?
When the Producer Price Index (PPI) goes up, prices rises. The PPI does not represent prices at the consumer level.
How does the consumer surplus change as the equilibrium price of a good rises or falls?
As the equilibrium price of a good raises the producer surplus increases as well, and as the equilibrium price falls the producer surplus decreases accordingly.
What is the benefits of market mechanism?
it's interaction of demand and supply, price which will decide the consumer needs at specific quantity
True or False If a local Christmas tree farmer is earning a producer surplus on each Christmas tree he sells then his customers cannot enjoy any consumer surplus on the Christmas trees they buy?
False. It depends on the price consumers are willing to pay for the producer's Christmas tree. For example, if the producer is willing to sell his tree at $3 but the market price is $5, then the surplus for the producer is $2. Say, a consumer is willing to buy the tree at $15, then the consumer surplus us $10. Remember that the consumer surplus is the are under the demand curve and above the horizontal line passing through the equilibrium price. As long as this area exists, then it is possible for consumers to enjoy a consumer surplus.
How consumers surplus is converted into producer surplus and vice versa in different market structure?
Once the supply is decreased, consumer surplus will decrease. Producer surplus will decrease as well because neither is at the equillibrium. There will be a surplus leftover after the price increases. Once the supply is decreased, consumer surplus will decrease. Producer surplus will decrease as well because neither is at the equillibrium. There will be a surplus leftover after the price increases.
What will happen to consumer and producer surplus when a price floor is eliminated?
If the price floor was set below the equilibrium price, then the removal of this price floor would have no effect on producer and consumer surplus. If the price floor was set above the equilibrium price for that product, then prices with shift down again to the equilibrium price. Consumers would want to buy more, and producers would want to sell more, until they reach the equilibrium price and quantity. In other words all surpluses of deficits would eventually disappear.
