Market research has revealed the following information about the market for chocolate bars: The demand schedule can be represented by the equation Q^D = 1,600 – 300P, where Q^D is the quantity demanded and P is the price. The supply schedule can be represented by the equation Q^S = 1,400 + 700P, where Q^S is the quantity supplied. Calculate the equilibrium price and quantity in the market for chocolate bars.
One big question economics ponders is how to produce the greatest material well-being using the fewest resources.
Compare and contrast perfect competition and monopolistic competition in achieving that end. (Hint: You may want to consider a particular monopolistically competitive industry such as clothing or restaurant meals, and imagine what it would look like if it were perfectly competitive instead.) How does your answer depend on your definition of material well-being?
Economists often say that prices are a “rationing mechanism.” If the supply of a good falls, how do prices “ration” these now-scarce goods in a competitive market?
When the crime rate falls in the area around a factory, what probably happens to wages at that factory?
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