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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. ] 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 ... (More)
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