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explain the relationship between the equilibrium price and efficiency.
Weegy: In many aspects of economic analysis, we tend to assume that a condition of equilibrium exists with respect to key economic variables. [ Common examples include different models of market behavior known as Supply and Demand analysis. In these models of the market, we define the behavior or sellers based on the goal of profit maximization in the production and/or sale of a particular good. Higher selling prices allow a trader/seller to reap a gain over and above the price initially paid for a final good or asset. In the case of business firms, the production of additional units of a particular good involve increasing opportunity costs in drawing resource inputs away from other productive uses. Higher prices are necessary to cover these increasing costs of production. Thus, these types of behaviors on the selling side of the market typically lead to a positive relationship between market price (the dependent variable) and quantity supplied (the independent variable). Separately, we define the behavior of buyers based on the goal of maximizing the utility gained from the purchase and consumption of this same good. As prices fall, holding income constant, the buyer finds that his/her purchasing power has increased allowing for buying greater quantities of a particular good. It is also the case that, for the consumer, additional quantities of a good consumed provide less additional satisfaction relative to previous units consumed. This notion known as diminishing marginal utility implies that the consumer is willing to pay less for these additional units as it becomes more efficient to use his/her income for the purchase of other goods. For the buyer, these types of behaviors typically lead to a negative relationship between the market price (dependent variable) and quantity demanded (another independent variable). ] (More)
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Asked 4/30/2013 10:57:38 AM
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Changing American attitudes and movements following World War I were a result of all of these factors except: return to normalcy Prohibition disarmament social reforms immigration limits urbanization
Weegy: Changing American attitudes and movements following World War I were a result of all of these factors except: Answer: social reforms (More)
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Asked 4/30/2013 12:44:11 PM
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