03 Jun Chapter 4: 1. What is a competitive market? Briefly describe a ty
Question
Chapter 4:
1. What is a competitive market? Briefly describe a type of market that is not perfectly competitive.
2. What are the demand schedule and the demand curve, and how are they related? Why does the demand curve slope downward?
3. Does a change in consumers’ tastes lead to a movement along the demand curve or a shift in the demand curve? Does a change in price lead to a movement along the demand curve or a shift in the demand curve? Explain your answers.
4. What are the supply schedule and the supply curve, and how are they related? Why does the supply curve slope upward?
5. Define the equilibrium of a market. Describe the forces that move a market toward its equilibrium.
6. Describe the role of prices in market economies.
Chapter 5:
1. Define the price elasticity of demand and the income elasticity of demand.
2. List and explain the four determinants of the price elasticity of demand discussed in the chapter.
3. If the elasticity is greater than 1, is demand elastic or inelastic? If the elasticity equals zero, is demand perfectly elastic or perfectly inelastic?
4. What do we call a good with an income elasticity less than zero?
5. How is the price elasticity of supply calculated? Explain what it measures.
Chapter 6:
1. Give an example of a price ceiling and an example of a price floor.
2. What mechanisms allocate resources when the price of a good is not allowed to bring supply and demand into equilibrium?
3. Explain why economists usually oppose controls on prices.
4. Suppose the government removes a tax on buyers of a good and levies a tax of the same size on sellers of the good. How does this change in tax policy affect the price that buyers pay sellers for this good, the amount buyers are out of pocket (including any tax payments they make), the amount sellers receive (net of any tax payments they make), and the quantity of the good sold?
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