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    What is the difference between a free trade association, a common market, and an economic union?

    A free trade association offers free trade between its members, but each country can determine its own trade policy outside the association. A common market requires a common external trade policy in addition to free trade within the group. An economic union is a common market with coordinated fiscal and monetary policy.

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Questions & Answers

explain the incomes elasticity of demand ?
Mbah Reply
income elasticity of demand shows how much quantity demand will change due to change in income it is measured as ed=∆D/∆I ∆D= represent change in quantity demand ∆I= change in income
Wani
agreed
Odessa
explain with more detail,
Saeed
hello
Saeed
example change the price of a large flat screen tv and much less p ople will buy
Odessa
but change the price of gasoline and many will still buy.
Odessa
it also shows on th graph
Odessa
okay, thank you
Saeed
is there any online classes on zoom etc. for its guidance?
Saeed
i don't think so
Abdullah
I can help
Odessa
or you can go to you tube. many good ones there
Odessa
odessa Singh
Saeed
odessa ok but can we arrange the zoom meeting in spare time .
Abdullah
I would like to but I am extremely busy. I run two companies and it would be difficult. i can help here or youtube has many videos
Odessa
going to a meeting now. ttyl
Odessa
where you are going to arrange class .
Abdullah
What is supply
King Reply
the quantity of goods and services producers are willing and able to sell at, at certain price level during a period of time.
samantha
goods / services
Kimberly
Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
Jan
The price elasticity of demand is the percentage change in quantity of goods, divide by the percentage change in price .
ISATU Reply
What is the basic economic problem
Grace Reply
What to produces How to produce For whom to produce
Ebrima
Will the firms in an oligopoly act more like a monopoly or more like competitors?
Marisol Reply
what stops oligopolists from acting together as a monopolists and earning the highest possible level of profits?
Marisol
what is a better way of explaining the opportunity cost?
Lekhutla Reply
it is the best alternative forgone when a choice is make.
Ebrima
explain if it is elastic or inelastic.. salt rice yacht liquor facemask computer mice
jamaica Reply
Elastic,because the measures of responsiveness towards the price elasticity of demand can change quickly,towards the price of this good.
how marginal utility curve become the demand curve of good anybody can explain me plzzz
Wani Reply
What is Demand function/supply function? What are its types?
Prathana Reply
good afternoon everyone 😊
Prathana
hello
Ahsan
hi
Sheikh
hi
Puja
hello
Odessa
Hi
Ameerhamza
hi everyone
Sheikh
Hy every thing is good
Ameerhamza
demand is what youth want supply fuction is what we dont get
Sheikh
thanks for giving me your answer
Prathana
What are the factors affecting supply of a commodity?
kosnatu Reply
price of the commodity: price is the most important factor in flueneing the supply of a commodity Expectations about the Future Price: ... Nature of Goods: ... Natural Conditions: ... Transport Conditions: ... Cost of Production: ... The State of Technology: ... Government's Policy:
Prathana
•How perfect competition affects price and output?
Marisol Reply
Under perfect competition, the buyers and sellers cannot influence the market price by increasing or decreasing their purchases or output, respectively. ... This implies that in perfect competition, the market price of products is determined by taking into account two market forces, namely market
Prathana
demand and market supply
Prathana
what is price theory
SMF Reply
The theory of price is an economic theory that states that the price for any specific good or service is based on the relationship between its supply and demand.
Prathana
how the reduction in supply from the reduced fishing Waters either decrease or increase consumer surplus and producer aurplus
jamaica Reply
the reduction of supply causes rise in the price and that reduces the consumer surplus..I don't know the producer aurplus
Mahmoud
what are the 10 principles microeconomic
Glen
What are the functions of price?
Prathana
10 principal of microeconomics are that 10 principals of microeconomics 🤔🤔🤔🤔
Saeed
every demand curve must eventually hit the quantity axis because there is always a price so high that there is no demand for the good? do you agree or disagree
jamaica Reply
can you help?
Saeed
no, I'm not agree?
Saeed
Pls I need help ASAP. Consider the following demand function: Qx = 100+2p²y-5py-pxpy-3px+0.20Y. Where Px = price of commodity x, py= price of commodity y and Y= consumers income, Qx= demand for commodity x. Calculate : (1) elasticity of demand for commodity x, and (2) cross elasticity of demand Exy,
kingsley
Jamaica I disagree with your statement that there is always a price so high that there is no demand of the good. You are free to assume it hypothetically but it is hard or near to impossible to validate it. I think it will depends upon the nature of goods demanded and its supply.
Rahul
do you agree in the law of demand say that the lower prices should lead to higher demand?
jamaica Reply
I don't agree ..the lower price lead to higher quantity demanded not the demand
Mahmoud
yes thats correct but onthe same time not necessarily keep the consistency and timing is very important
Ali
I agree
Prathana
thank you for ...but can you still elaborate more.
jamaica
thank you.. but can you still elaborate more information 😊
jamaica
Is funny that you said you don't agree with the law of demand, you just don't understand the law It states that the higher the price the lower the demand vice versa, and if you check the definition of demand is that the desire, willingness and the ability to buy a good, And there are reasons we use
Bakary
There are reasons we use to support this law every human being respond to incentive etc And there are empirical evidence that prove beyong reasonable doubt that this law holds So read more economist textbooks to widen you understanding
Bakary
There are also exceptions to the law of demand e.g goods of ostentation and the like
Bakary

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Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
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