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Economics
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Match each market structure with the correct example.
The diagram shows the market for cocoa. Equilibrium is currently at point x. To which equilibrium point (1, 2, 3, 4, 5, 6, 7 or 8) will the market move if there is:
Which way will the market supply of pizza shift if the price of flour falls?
The diagram shows the market for cocoa. Equilibrium is currently at point x. To which equilibrium point (1, 2, 3, 4, 5, 6, 7 or 8) will the market move if there is:
Which way will the market demand for petrol shift if the price of cars rises?
Which way will the market demand for petrol shift if petrol becomes more expensive?
The effect on the margarine market of a reduction in butter prices would be to:
Assume that a firm can produce 6 units of good X or 12 units of good Y per hour with its current resources. The opportunity cost of a unit of X is: