Other Economics Answers

Why do market failures have to be fixed by the government

Write an investigative report in which you investigate the inconsistencies in the revenue and the pricing of items at Roberts and Roberts Trading store

Essay writing of 600 words

Property rights and the process of bargaining can shift economies to efficient output levels, regardless of 

who is assigned the property rights. Use an example to discuss this statement. Your discussion should 

show how efficient outcome is reached with property rights assigned to either group.

What statement about the graph below is correct?

•  A. Producer surplus is equal to area P₃P₂E
•  B. Producer surplus is equal to area P₂0Q₁E
•  C. Consumer surplus is equal to area P₃0Q₁
•  D. Consumer surplus is equal to area P₃P₂E

What area on the graph below represents consumer surplus?

•  A. area P₁0E
•  B. area P₁Q₁0
•  C. area P_M0E
•  D. area P₁EP_M

• Given the demand for a product as Qd = 200 - 2P and the supply is given as Qs = 50+P. You are told equilibrium is obtained at the point where Qd = Qs. The equilibrium quantity for the product is A. 200
•  B. 250
•  C. 100
•  D. 150

Given the demand for a product as Qd=100-5P and the supply is given as Qs=-20+3P. You are told equilibrium is obtained at the point where Qd=Qs. The equilibrium price for the product is

A. R5

B. R6.67

C. R15

D. R20

• Which of the statements below best represents the law of demand? A. When buyers’ tastes for a good increase, they purchase more of the good.
•  B. When the price of a good decreases, buyers purchase more of the good.
•  C. When buyers’ demands for a good increase, the price of the good increases.
•  D. When income levels increase, buyers purchase more of most goods.

• In the market for fish, there are four suppliers. If the price is R50 per fish, John’s Fisheries will supply 120 fishes. If the price is R50, Snoek Kings will not produce any fish, but it will produce 230 fishes if the price is R60 per fish. The Boat will produce 356 fishes for a price of R50 and Sardine Runners will produce 54 fishes if the price is R50 per fish. What is the market supply of fish at a price of R50 per fish? A. 760
•  B. 120
•  C. 530
•  D. 356

• Rebecca loses her job and, as a result, she buys fewer iTunes music downloads. This shows that Rebecca considers iTunes music downloads to be a(n) A. supplementary good.
•  B. complementary good.
•  C. inferior good.
•  D. normal good.