Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
A: The supply and demand model relies on a high degree of competition, meaning that there are enough buyers and sellers in the market for bidding to take place. [ Buyers bid against each other and thereby raise the price, while sellers bid against each other and thereby lower the price. The equilibrium is a point at which all the bidding has been done; nobody has an incentive to offer higher prices
or accept lower prices. ]
Get an answer
Original conversation
User: How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

Weegy: The supply and demand model relies on a high degree of competition, meaning that there are enough buyers and sellers in the market for bidding to take place. [ Buyers bid against each other and thereby raise the price, while sellers bid against each other and thereby lower the price. The equilibrium is a point at which all the bidding has been done; nobody has an incentive to offer higher prices or accept lower prices. ]
smp0784|Points 3973|

User: How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?



Weegy: After completing the “Applying Supply and Demand Concepts” simulation the following concepts and principles were identified: demand and supply along with equilibrium as microeconomic principles, [ and shifts in demand and supply along with price ceiling as macroeconomic concepts. The previous concepts were identified accordingly because microeconomics analyzes from the parts to a whole; therefore, supply and demand and equilibrium as the small parts that affect the whole. In contrast macroeconomics analyzing from the whole to the parts reflects how the concepts of price ceiling and shifts in demand and supply are larger outside factors that affect the smaller internal parts. Supply and Demand Curve Shifts In the simulation there were multiple examples reflecting shifts in the demand curve as well as shifts in the supply curve. For any supplier, a higher price is an incentive to supply more; therefore, as rental rates increased, the number of apartments GoodLife was willing to lease also increased. Typically, the reason for this shift could be either production or maintenance costs, which means that each additional unit of the product would be supplied at a higher price. As the rental rate increases, the number of apartments supplied increases is an example of an upward sloping supply curve. As for the shift in the demand curve, this was caused by the increase in population even though the supply of apartments was unaffected. At any given rental rate, an increase in population is automatically going to create more people demanding apartments for rent, thus causing the shift in the demand curve. Supply and Demand in the Workplace. ]
Expert answered|emdjay23|Points 387|

Question
Asked 2/11/2013 11:05:55 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
26,641,597 questions answered
Popular Conversations
Suppose the U.S. can produce cars for a lower opportunity cost than ...
Weegy: Suppose the U.S. can produce cars for a lower opportunity cost than Japan while Japan has a comparative ...
2/13/2018 7:30:37 PM| 4 Answers
What's the simplified form of 2x + 3 x + 5? A. x 8 B. ...
Weegy: (2x^2)(3x^2) = 6x4 User: Simplify this expression: 13 + (–12) – (–5) = ? A. –6 B. 6 C. –30 ...
2/12/2018 11:53:02 PM| 3 Answers
Solve this equation: 80 = 3y + 2y + 4 + 1. A. y = 1/5 B. ...
Weegy: 80 = 3y + 2y + 4 + 1 80 = 5y + 5 80 - 5 = 5y -5y = -75 y = 15 User: Solve the inequality: 12p + 7 > 139 ...
2/14/2018 2:20:46 PM| 3 Answers
Solve the equation: 12y = 132. A. y = 11 B. y = 144 ...
Weegy: 12y = 132 User: Solve this equation: 2s + s + 12 = 132. A. s = 40 B. s = –30 C. s = 9 D. ...
2/14/2018 2:32:47 PM| 3 Answers
Write 10 5/12 as an equivalent improper fraction.
Weegy: 10 5/12 in improper fraction form is 125/12. User: Subtract: 8 – 4 1/2
2/15/2018 12:27:39 AM| 2 Answers
Weegy Stuff
S
L
Points 344 [Total 347] Ratings 10 Comments 214 Invitations 3 Online
S
Points 89 [Total 89] Ratings 0 Comments 19 Invitations 7 Offline
S
P
L
P
P
Points 51 [Total 244] Ratings 0 Comments 51 Invitations 0 Offline
S
P
Points 41 [Total 85] Ratings 1 Comments 31 Invitations 0 Offline
S
1
L
L
P
R
P
L
P
P
R
Points 35 [Total 12646] Ratings 0 Comments 35 Invitations 0 Online
S
Points 20 [Total 20] Ratings 2 Comments 0 Invitations 0 Offline
S
P
Points 13 [Total 30] Ratings 0 Comments 13 Invitations 0 Offline
S
Points 11 [Total 11] Ratings 1 Comments 1 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 10 [Total 11] Ratings 1 Comments 0 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.