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
Ask Weegy or search for an answer now. (Free)
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.
16,976,989 questions answered
Popular Conversations
Which composer drew heavily on Northern European mythology, including ...
Weegy: Richard Wagner is the composer who drew heavily on Northern European mythology, including many of the same ...
7/31/2014 12:20:08 PM| 4 Answers
What year did the United States enter World War I? A. 1917 ...
Weegy: The United States enter World War I in: 1917. User: The first oil well was drilled in what geographical ...
7/31/2014 6:18:32 AM| 2 Answers
18-7x=-20.5 what is the value of x
7/31/2014 8:22:22 AM| 2 Answers
That man is a famous hockey player. a. Action verb b. Linking verb
Weegy: A linking verb is a verb that connects the subject of a sentence to the complement. User: The winter air ...
7/31/2014 8:47:58 AM| 2 Answers
The harvesting of wheat in British Columbia is an example of ...
Weegy: The harvesting of wheat in British Columbia is an example of A. ecological imperialism. User: Which of the ...
7/31/2014 10:34:41 AM| 2 Answers
(5x)=150 User: 3x+6=90
Weegy: 3x = 18 x = 18/3 x = 6
7/31/2014 11:27:49 AM| 2 Answers
The speaker in Sonnet 73 is addressing his imminent death. User: ...
Weegy: In The Passionate Shepherd to His Love,? the shepherd offers the charms of b. lifelong love User: The ...
7/31/2014 12:19:19 PM| 2 Answers
25/6 User: 25869-4523
Weegy: 25869-4523 = 21346;
7/31/2014 12:32:48 PM| 2 Answers
Weegy Stuff
S
L
1
Points 126 [Total 4102]| Ratings 0| Comments 126| Invitations 0|Offline
S
R
L
1
1
P
C
1
P
1
1
L
P
C
P
C
1
P
C
L
P
C
1
P
C
P
C
Points 87 [Total 21687]| Ratings 0| Comments 87| Invitations 0|Offline
S
L
C
P
C
1
L
L
Points 72 [Total 13688]| Ratings 0| Comments 72| Invitations 0|Offline
S
P
C
L
P
L
1
Points 44 [Total 5926]| Ratings 0| Comments 44| Invitations 0|Offline
S
L
1
1
1
1
L
1
Points 38 [Total 7745]| Ratings 0| Comments 38| Invitations 0|Offline
S
1
L
Points 23 [Total 4587]| Ratings 0| Comments 23| Invitations 0|Offline
S
Points 19 [Total 30]| Ratings 0| Comments 19| Invitations 0|Offline
S
R
R
L
R
R
Points 12 [Total 1233]| Ratings 0| Comments 12| Invitations 0|Offline
S
L
P
C
P
C
1
L
P
C
L
P
C
P
C
P
C
P
C
Points 12 [Total 17583]| Ratings 0| Comments 12| Invitations 0|Offline
S
Points 10 [Total 463]| Ratings 0| Comments 10| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.