« previous next »

Author Question: Explain why the supply-and-demand model should not be used to analyze the market for jeans. What ... (Read 71 times)

rl

  • Hero Member
  • *****
  • Posts: 579
on: Jul 1, 2018
Explain why the supply-and-demand model should not be used to analyze the market for jeans.
 
  What will be an ideal response?

Question 2

If a large number of people decide to major in economics, the supply and demand model has little to say about the future wages of economists.
 
  Indicate whether the statement is true or false
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


micaelaswann

  • Sr. Member
  • ****
  • Posts: 314
Reply #1 on: Jul 1, 2018
Answer to Question 1

Products in the jeans market are not identical (at least not in the consumers' eyes). The fact that there is only one manufacturer per brand gives that particular firm (limited) power over the price of its product. Thus, two conditions for the use of the model are not fulfilled.

Answer to Question 2

False. If more people major in economics, and the demand for economists does not change, the wages of economists will be expected to decline in the future as the supply of economists increases.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

rl

  • Hero Member
  • *****
  • Posts: 579
Reply #2 on: Jul 1, 2018
Thank you


micaelaswann

  • Sr. Member
  • ****
  • Posts: 314
Reply #3 on: Jul 1, 2018
No problemo


« previous next »
 

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

The wild radish, Raphanus sativus, has become a model for studying the mating behaviour of plants. The wild radish, Raphanus sativus, has become a model for studying the mating behaviour of plants.
Eye Model Eye Model
Lab: Paramecium Model Lab: Paramecium Model
A model for kinetochore structure and organization A model for kinetochore structure and organization
Reconstruction Drawing of Trajan's Market Reconstruction Drawing of Trajan's Market
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
Video: Bond in biological molecules (Ionic, Covalent and Hydrogen bonds)/ How atoms bond?

For a complete list of videos, visit our video library