« previous next »

Author Question: Explain why the supply-and-demand model should not be used to analyze the market for jeans. What ... (Read 72 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?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

The Biopsychosocial Model The Biopsychosocial Model
A Model of Surface Dyslexia A Model of Surface Dyslexia
Trombone Model of DNA Trombone Model of DNA
A model for voltage-gating in the channel A model for voltage-gating in the channel
The Meselson–Radding model for homologous recombination The Meselson–Radding model for homologous recombination
Classic Supply - Demand Curve Classic Supply - Demand Curve
Video: Coaductile pathway, Timing of contraction signal & Conduction system and ECG

For a complete list of videos, visit our video library