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Questions and Answers
What is the equilibrium quantity if the equilibrium price is $24.60?
What is the equilibrium quantity if the equilibrium price is $24.60?
What equation can be used to find the equilibrium price?
What equation can be used to find the equilibrium price?
Using the demand function $Qd=120-4P$, what is the quantity demanded at a price of $21.00?
Using the demand function $Qd=120-4P$, what is the quantity demanded at a price of $21.00?
If the supply function is $Qs=-126+6P$, what does it indicate when $P$ is less than $21.00?
If the supply function is $Qs=-126+6P$, what does it indicate when $P$ is less than $21.00?
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At what price does the quantity supplied become zero according to the supply schedule provided?
At what price does the quantity supplied become zero according to the supply schedule provided?
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What is the primary characteristic of the goods market?
What is the primary characteristic of the goods market?
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Which market is characterized by the exchange of goods for services between employers and workers?
Which market is characterized by the exchange of goods for services between employers and workers?
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What effect describes the change in demand due to a change in the price of a good resulting in consumers opting for cheaper substitutes?
What effect describes the change in demand due to a change in the price of a good resulting in consumers opting for cheaper substitutes?
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Which statement is true based on the law of demand?
Which statement is true based on the law of demand?
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What constitutes a key feature of the financial market?
What constitutes a key feature of the financial market?
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What does the term 'ceteris paribus' imply in economic analysis?
What does the term 'ceteris paribus' imply in economic analysis?
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How does an increase in consumer income typically affect demand?
How does an increase in consumer income typically affect demand?
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What happens to the quantity demanded of a good when its price rises, according to the law of demand?
What happens to the quantity demanded of a good when its price rises, according to the law of demand?
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What percentage of OFWs worked as technicians and associate professionals?
What percentage of OFWs worked as technicians and associate professionals?
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Which foreign currency has the highest conversion rate to the Philippine Peso as of September 15, 2023?
Which foreign currency has the highest conversion rate to the Philippine Peso as of September 15, 2023?
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What is the newly adjusted basic minimum wage rate in the Non-Agriculture sector in the National Capital Region (NCR) as of July 16, 2023?
What is the newly adjusted basic minimum wage rate in the Non-Agriculture sector in the National Capital Region (NCR) as of July 16, 2023?
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What is the primary purpose of savings according to the provided content?
What is the primary purpose of savings according to the provided content?
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Which of the following describes rent according to the content?
Which of the following describes rent according to the content?
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What percentage of OFWs comprised plant and machine operators and assemblers?
What percentage of OFWs comprised plant and machine operators and assemblers?
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What role do taxes serve in relation to the government?
What role do taxes serve in relation to the government?
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What is the conversion rate of the Dollar to the Philippine Peso mentioned in the content?
What is the conversion rate of the Dollar to the Philippine Peso mentioned in the content?
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What is the primary reason for the rising housing prices?
What is the primary reason for the rising housing prices?
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Which market condition is characterized by a single seller and no close substitutes?
Which market condition is characterized by a single seller and no close substitutes?
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What type of competition allows for easy entry and exit of firms with differentiated products?
What type of competition allows for easy entry and exit of firms with differentiated products?
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Which of the following is a common characteristic of perfect competition?
Which of the following is a common characteristic of perfect competition?
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Which government action regulates rental prices to protect tenants?
Which government action regulates rental prices to protect tenants?
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What is typically needed in a monopoly market structure?
What is typically needed in a monopoly market structure?
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In which market structure do firms strategically interact with one another?
In which market structure do firms strategically interact with one another?
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How is labor supply defined?
How is labor supply defined?
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What is the equilibrium price of fresh eggs based on the given market demand and supply schedule?
What is the equilibrium price of fresh eggs based on the given market demand and supply schedule?
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How many pieces of fresh eggs are supplied at a price of 15 Php?
How many pieces of fresh eggs are supplied at a price of 15 Php?
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What is the quantity demanded of fresh eggs when the price is 10 Php?
What is the quantity demanded of fresh eggs when the price is 10 Php?
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According to the equations given, what is the demand function for fresh eggs?
According to the equations given, what is the demand function for fresh eggs?
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What is the equilibrium quantity of cheddar cheese based on the calculated demand and supply both equating at price 146 Php?
What is the equilibrium quantity of cheddar cheese based on the calculated demand and supply both equating at price 146 Php?
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What proportion of households own their homes based on the provided statistics?
What proportion of households own their homes based on the provided statistics?
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At what price does the quantity supplied of fresh eggs match the quantity demanded of 30 pieces?
At what price does the quantity supplied of fresh eggs match the quantity demanded of 30 pieces?
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What is the supply function equation for fresh eggs as depicted in the provided schedules?
What is the supply function equation for fresh eggs as depicted in the provided schedules?
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When the price of cheddar cheese is set at 140 Php, what is the quantity demanded?
When the price of cheddar cheese is set at 140 Php, what is the quantity demanded?
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What percentage of households are renting a house and lot?
What percentage of households are renting a house and lot?
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Study Notes
Market Interactions
- A market is a place where buyers and sellers interact, trading goods and services.
Types of Markets
- Goods Markets: Where consumers purchase goods.
- Labor Markets: Where workers offer services and employers hire.
- Financial Markets: A broad category encompassing:
- Interbank Markets: Financial transactions between banks.
- Stock Exchanges: Trading of securities of corporations.
- Money Markets: Short-term loan transactions between financial institutions.
- Bond Markets: Where investors buy debt securities issued by companies and governments.
- Foreign Exchange Markets: Exchange currencies at prevailing rates.
Demand
- The willingness of a buyer to purchase a product at a specific price.
Factors Affecting Demand
- Income Effect: Changes in purchasing power due to price changes.
- Higher income typically leads to increased demand for goods.
- Substitution Effect: Changes in demand based on availability of alternative products.
- Price increases for one product can cause consumers to switch to cheaper alternatives.
The Law of Demand
- As a product's price increases, the quantity demanded decreases.
- Consumers often buy more when prices are low.
- Ceteris Paribus: Means all other relevant factors are kept fixed when evaluating a relationship between price and quantity.
Equilibrium
- Equilibrium Quantity: The specific quantity of a product that both buyers and sellers agree to exchange, at a given price.
- Equilibrium point is where the quantity demanded equals the quantity supplied: Qd = Qs.
Examples of Demand and Supply Schedules
- Market Equilibrium Schedule for Sweet Potatoes:
- Demonstrates price and quantity relationships, showing where equilibrium might occur.
- Example: Qd = 120 - 4P, Qs = -126 + 6P.
- Market Demand Schedule for Fresh Eggs:
- Shows the relationship between the price of eggs and the quantity demanded.
- Example: Qd= 63 – 3P and Qs = -25 + 5P.
- Market Supply for Fresh Milk:
- Shows how suppliers respond to various price levels.
- Cheddar Cheese Market:
- Example of a market with supply and demand functions, Qd = 350-2P and Qs=-380+3P, used to determine market equilibrium.
Housing Market in the Philippines
- There are around 26,374,653 households in the Philippines.
- 57.3% of households own their homes.
- Housing is a major concern, with demand exceeding supply.
- Rising real estate prices and construction costs contribute to the affordability challenge.
Market Structures
- Competition: Rivalry among sellers in a market.
Types of Market Structures
- Perfect Competition:
- Many buyers and sellers, each with negligible impact on market price.
- Identical products are sold by sellers.
- Resources move freely between markets.
- Everyone has perfect knowledge of market conditions.
- Supply and demand exclusively determine price and output.
- Imperfect Competition:
- Monopoly: One firm dominates the market with no close substitutes.
- Examples: Meralco (electricity distribution in Metro Manila), NAPOCOR. - Government regulations may be necessary. - Oligopoly: A market dominated by a few strategically interacting firms.
- Examples: Oil companies, OPEC (Organization of the Petroleum Exporting Countries).
- Monopolistic Competition: Differentiated products, with easy entry and exit for businesses.
- Examples: Toyota, Honda, Mercedes Benz, Fast food chains.
- Monopoly: One firm dominates the market with no close substitutes.
Economic Issues in the Philippines
- ** Labor Force**: The portion of the population (age 15 and over) willing and able to work.
- Includes those seeking work but not yet employed and those currently employed.
-
OFWs (Overseas Filipino Workers): Significant contributions to the economy.
- Occupations heavily represented: plant and machine operators, assemblers, technicians, etc.
-
Philippine Peso and Foreign Currencies:
- Trading with other countries involves foreign exchange.
- Philippine Peso fluctuations affect the economy.
- Saving and Investment: Essential for future growth.
- Rent: Payment for the use of land or buildings.
- Minimum Wage Rates: Set by the government, vary by region and sector, impact individual and national income.
- Taxes: Essential source of government revenue.
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Description
Explore the different types of markets and the dynamics of demand in this quiz. Understand how buyers and sellers interact in goods, labor, and financial markets. Delve into concepts like the income effect and substitution effect that influence demand.
