Answer:
Since the price of shoes is lower than equilibrium price, at $50 there is a demand surplus because consumers would be willing to pay more for the shoes. That demand surplus will result in an excess demand, that is why consumers are willing to buy 1,000 pairs of shoes but since the price is too low, suppliers will only sell 500 pairs.
Answer:
About 45.45%
:))
b. Hire workers with more experience.
c. Replace some workers with machines.
d. Stop wage discrimination
b. shifts in the economy that make certain job skills obsolete.
c. short-term changes in the economy.
d. the impact of the business cycle on job opportunities.
Answer:
B) shifts in the economy that make certain job skills obsolete.
Explanation:
There are three types of unemployment:
b. promotes general economic well-being, whereas a monopoly market may not be in the best interests of society
c. and a monopoly market are equally likely to promote general economic well-being
d. is less likely to promote general economic well-being than a monopoly market
Answer:
a. may not be in the best interests of society, whereas a monopoly market promotes general economic well-being
Explanation:
In a perfectly competitive market, there are many buyers and sellers who have no control over the price. This leads to a situation where market forces determine the price and quantity of goods or services. Perfect competition promotes general economic well-being as it ensures efficient allocation of resources, encourages innovation, and provides consumers with a wide range of choices.
On the other hand, a monopoly market is characterized by a single seller who has significant control over the price and supply of a product or service. This lack of competition can result in the monopolist charging higher prices and restricting output, which can be detrimental to consumers and society as a whole.
Therefore, while a perfectly competitive market promotes general economic well-being, a monopoly market may not be in the best interests of society.
A perfectly competitive market typically promotes economic well-being, offering consumer choices, innovation and lower prices due to competition. On the other hand, a monopoly can reduce consumer choice and inhibit innovation, potentially being less beneficial for society.
The correct option is b. promotes general economic well-being, whereas a monopoly market may not be in the best interests of society. In a perfectly competitive market, firms compete with each other selling similar products, leading to lower prices and better quality for the consumers, which in turn promotes economic well-being. In contrast, a monopoly, where a single entity controls an entire market, may charge consumers higher prices and not strive for innovation or increased efficiency, sometimes making it less beneficial for the society.
#SPJ11