« previous next »

Author Question: Explain why the supply-and-demand model should not be used to analyze the market for jeans. What ... (Read 63 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 first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

This chart illustrates the bottom up assumption about government. In this, attitudes, culture, and This chart illustrates the bottom up assumption about government. In this, attitudes, culture, and
A model of the 70S ribosome based upon early structural data A model of the 70S ribosome based upon early structural data
A model of the 70 ribosome, with mRNA and tRNA bound A model of the 70 ribosome, with mRNA and tRNA bound
Oil supply and prices affect the economies of nations Oil supply and prices affect the economies of nations
Generalized model of semiconservative replication of DNA Generalized model of semiconservative replication of DNA
The sliding-filament model The sliding-filament model
Video: Vasectomy

For a complete list of videos, visit our video library