Question and answer
How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
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.
21,571,336 questions answered
Popular Conversations
Solve 7x 6
Weegy: 7x + 1 User: 7 + 32 (-5 + 1) ÷ 2 User: 2(4x + 3) User: 4x + y - 2 = 0 User: What is the equation of the line, ...
7/6/2015 6:03:14 AM| 4 Answers
Ralph is 3 times as old as Sara. In 6 years, Ralph will be only twice ...
Weegy: The answer is 3x + 6 User: What is the slope of the line that is perpendicular to the line whose equation is ...
7/6/2015 7:23:07 AM| 4 Answers
2^-3
Weegy: (5)-3 is 2. User: Find the area of a regular octagon with apothem K and side of 10. Weegy: The area of a ...
7/6/2015 9:41:46 AM| 4 Answers
The ice cream shop has 80 different possible sundaes which include 1 ...
Weegy: 400 flavors. User: The first side of a triangle measures 4 in. less than the second side, the third side is 3 ...
7/6/2015 11:11:49 AM| 4 Answers
Which of the following is the general form of the equation 5x2 - ...
Weegy: The general form of the equation 5x^2 - 20x = 15 is x^2 - 4x - 3 = 0. User: Give the values of a, b, and c ...
7/6/2015 2:28:23 PM| 4 Answers
The Medical Unit is responsible for the development of the Medical ...
Weegy: The Medical Unit is responsible for the development of the Medical Plan, obtaining medical aid, and ...
7/6/2015 9:09:47 PM| 4 Answers
Integers are _____ rational numbers. always sometimes never
Weegy: A rational number is SOMETIMES an integer. User: Simplify -|-7 + 4|. -11 -3 3 11 User: Simplify 7t · s · ...
7/6/2015 11:07:01 AM| 3 Answers
Who was the leader of Iraq in 2003?
7/7/2015 1:38:07 AM| 3 Answers
Weegy Stuff
S
1
L
P
1
1
Points 165 [Total 1571]| Ratings 1| Comments 155| Invitations 0|Offline
S
1
Points 159 [Total 670]| Ratings 0| Comments 159| Invitations 0|Offline
S
Points 70 [Total 70]| Ratings 1| Comments 60| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
P
1
P
Points 62 [Total 9591]| Ratings 1| Comments 52| Invitations 0|Online
S
1
L
L
Points 26 [Total 8406]| Ratings 0| Comments 26| Invitations 0|Offline
S
R
Points 8 [Total 210]| Ratings 0| Comments 8| Invitations 0|Offline
S
Points 4 [Total 4]| Ratings 0| Comments 4| Invitations 0|Offline
S
L
P
P
Points 4 [Total 3563]| Ratings 0| Comments 4| Invitations 0|Offline
S
Points 4 [Total 4]| Ratings 0| Comments 4| Invitations 0|Offline
S
Points 1 [Total 1]| Ratings 0| Comments 1| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.