Question: Answer the following questions in essay form. Your submission should be a minimum of 500 words (a…

30 Apr Question: Answer the following questions in essay form. Your submission should be a minimum of 500 words (a…

Posted at 21:02h in 2Past Paper by Exams

Answer the following questions in essay form. Your submission should be a minimum of 500 words (about two pages, double-spaced). Pick only one market either a product and/or service market or a specific labor market. Be specific when answering the questions. Give an example of a market where you make purchases or work . Explain how the market works. 2. Who is/are the buyer(s)? 3. Who is/are the seller(s)? 4. How many buyers and sellers participate in this market? 5. What is the product and/or service being sold? 6. How are prices set in the market? 7. How is the quality/service set? 8. Are there innovations in the market? How do they occur? 9. In your market, is there a surplus, shortage or eqlbiu most of the time? 10. When (if ever) does the market come to equilibrium? How do you know when there is equilibrium?

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