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Author Question: Explain why the supply-and-demand model should not be used to analyze the market for jeans. What ... (Read 69 times)

rl

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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
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micaelaswann

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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.


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rl

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Reply #2 on: Jul 1, 2018
Thank you


micaelaswann

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Reply #3 on: Jul 1, 2018
No problemo


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