This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following would indicate that price is temporarily above its market equilibrium? A) ... (Read 20 times)

KWilfred

  • Hero Member
  • *****
  • Posts: 570
on: Jul 1, 2018
Which of the following would indicate that price is temporarily above its market equilibrium?
 
  A) There are a number of producers who are left with unwanted inventories.
  B) There are a number of customers who are looking for a good but cannot find sellers.
  C) New firms decide to enter the market.
  D) The government must step in and impose a tax on the good.

Question 2

Explain whether you would expect the elasticity of supply to be highly elastic or inelastic for fresh cut flowers and why.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

elizabethrperez

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

The elasticity of supply is very inelastic for fresh cut flowers. These flowers are perishable and quickly become worthless. The seller will accept almost any market price.


KWilfred

  • Member
  • Posts: 570
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

ebonylittles

  • Member
  • Posts: 318
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ... Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ...
Chemical equilibrium and the law of mass action. Chemical equilibrium and the law of mass action.
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene
Video: Primary Active Transport - electrochemical gradient and ion transport / water movement

For a complete list of videos, visit our video library