supply curves of products using petroleum as an input to shift rightward
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
An increase in consumer incomewill affect the supplyof any given product.
The production possibilities frontierassumes that the level of technologyvaries when applying the model.
Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency.
The smaller percentage of one’s net budgetone has to allocate money to a particular product, the more price inelastic will be the demand for that product.
The law of demand states that there is a direct relationship between supply and demand.
Equilibrium is a state of balance between supply and demand.
Joint output of individuals or nationswill be maximized when goods are exchanged between parties in accordance with the law of “comparative advantage”.
A supply curve is negatively sloped, while a demand curve is positively sloped. If given a graph of them both, that will be evidenced by computing each curve’s X axis divided by its Y axiswhen devising a 90-degree angle.
Households play a dual roleof providing the factors of production while purchasing the goods and services of firms.
Excess demandin the market will cause the price of a product to decline.
“As the price of gasoline rises, consumer demand decreases. In addition, the quantity demanded of compact cars increased, causing their price to rise.” This statement contains TWO ERRORS: demand and quantity demanded are confused twice.
A point inside the production possibilities frontier represents an economy that is utilizing resources efficiently.
“The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statementabout economic policy.
The law of supply states that there is a negative relationship between price and quantity demanded.
A change in quantity demandedis a movement along the same demand curve.
In the production possibilities frontier, a nation’s boundary will shift inwardif they export more than they import, likely leading to inflationary pressuresin the economy.
The “Law of diminishing returns” states that as any activity is extended, it eventually becomes increasingly easier to pursue the activity further.
Demand is measured on the vertical axisand supply on the horizontal axis.
A substitute goodis a determinant of supply.
As globalization and world trade proliferates, individual markets within countries’ economies become more competitive.
In the circular flow model, firms own economic resources, and households buy the manufactured products and services.
Opportunity cost is the lowest valued benefit that must be sacrificed as the result of choosing an alternative.
Antiqueswould tend to have highly price inelastic supply curves.
For economies that rely on decentralized decision making, the most important decisions are made by the government.
If the spot oil price in petroleum markets is rising, then we can expect the supply curves of products using petroleum as an input to shift rightward.
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