what are the following: 1)law of demand and law of supply 2)change in supply ver
ID: 1141898 • Letter: W
Question
what are the following:
1)law of demand and law of supply
2)change in supply versus quantity supplied
3)change in demand versus quantity demanded
4)advantages of free trade class
5)economists:
a.Milton Friedman
b.John Maynard Keynes
c.Paul Krugman
d.Adam Smith
e.Friedrich Von Hayek
6)price too high class
7)price too low class
8)welfare loss/deadweight loss
9)capitalism versus socialism class
10)welfare analysis defined
11)gains from trade—producer surplus and consumer surplus
12)market fairness –equality of opportunity versus equality of outcomes
13)functional versus personal distribution of income
14)advantages of free trade and perils of protectionism
Explanation / Answer
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1.Law of demand-It states that there's an inverse relationship between price and quantity.If price rises,then quantity falls and vice versa.
Law of supply indicates the direct relationship between price and supply.Higher the pruce,greater the supply.
2.Change in supply is when there is a change in exogenous variables like price of substitutes or technology.
quantity supplied is when price changes.
3.Change in demand is when there's a change in tastes and preferences of the consumers,income,price of substitutes/complements etc and change in quantity supplied is when price alone changes to vary quantity demanded.
4.Benefits of free trade class-free trade class gives an overview of the international economy and how it works.What are pros and cons of tariifs and quota.It explains the pattern of trade and the mechanism of trade.
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