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.
27,074,204 questions answered
Popular Conversations
Aristotle was a student of Plato's. True False
Weegy: Aristotle was a student of Plato's. TRUE.
7/9/2017 6:34:10 PM| 1 Answers
Most collisions are caused by __________ A. drivers falling asleep at ...
Weegy: Most collisions are caused by driver's attitude.
7/9/2017 4:51:29 PM| 1 Answers
k2 + 3k + 2 = (k2 + k) + 2 ( __________ )
7/8/2017 8:58:45 AM| 1 Answers
Parasite can be Protozoa,fungi, or multicellular organisms. TRUE or ...
Weegy: Parasites can be protozoa, fungi, or multicellular organisms. TRUE.
7/7/2017 6:41:18 PM| 1 Answers
Development disabilities cannot be cured. TRUE or FALSE.
Weegy: Developmental disabilities cannot be cured. TRUE.
7/7/2017 6:00:57 PM| 1 Answers
. Classification of living things takes into consideration all of ...
Weegy: Classification of living things takes into consideration all of the following except: presence of cell ...
7/5/2017 12:07:33 PM| 1 Answers
What type of disorder is myasthenia gravis? A. Inflammatory ...
Weegy: Myasthenia gravis is a type of immune disorder. User: What surgical procedure involves breaking an ankylosed ...
7/5/2017 9:35:49 AM| 1 Answers
The lungs are the primary organ of the: digestive system respiratory ...
Weegy: The lungs are the primary organ of the: respiratory system. User: Endorphins are manufactured by the brain to ...
7/5/2017 6:54:42 AM| 1 Answers
During puberty you need more food and _____ to grow. oxygen carbon ...
Weegy: During puberty you need more food and oxygen to grow. User: Each cell in your body contains chromosomes.
7/5/2017 6:43:00 AM| 1 Answers
The condition of equilibrium that results in the displacement of the ...
Weegy: The condition of equilibrium that results in the displacement of the mantle by the continental and oceanic crust ...
7/10/2017 1:50:08 PM| 0 Answers
What is another name for the Circum-Pacific Belt? A. Pacific Ring ...
Weegy: Pacific Ring of Fire is another name for Circum-Pacific Belt
7/10/2017 1:47:35 PM| 0 Answers
Weegy Stuff
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 4 [Total 4] Ratings 0 Comments 4 Invitations 0 Offline
S
Points 3 [Total 3] Ratings 0 Comments 3 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.