Business
Business, 29.08.2019 23:30, liquinn99

"if a price ceiling on physician services is going to be effective, it must be set the competitive market equilibrium price to prevent the market from driving the price "

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Business, 22.06.2019 00:30, johnkings140
Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale
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Business, 20.09.2019 16:20, ft2134
In competitive equilibrium some consumers (namely those who are willing to pay only less than the competitive equilibrium price) are shut out of the market. so are the producers whose cost of production is above the competitive equilibrium price. nevertheless, we say that competitive equilibrium is efficient. what is the intuition behind this? in other words, how do you understand the efficient outcome being one that does not allow consumers with valuation lower than the competitive equilibrium price and producers with costs higher than the competitive equilibrium price to do transactions in the market?
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Business, 06.10.2019 01:00, deadlydemon0500
The equilibrium price in a perfectly competitive industry is sometimes below the break-even price, sometimes above it, and sometimes equal to it because the (a) firm is a price maker and the equilibrium price is determined in the competitive market. (b) equilibrium price is determined by the number of buyers in the market. (c) equilibrium price is determined by the number of firms in the market. (d) firm is a price taker and the equilibrium price is determined in the competitive market.
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Business, 08.10.2019 20:00, Will1119
Match each type of price ceiling to its appropriate descriptions. drag each item on the left to its matching item on the right. note that every item may not have a match, while some items may have more than one match. (a) binding (b) nonbinding (1) the price ceiling prevents supply and demand from clearing the market. (2) the price ceiling does not influence the market. (3) the price ceiling is below the equilibrium price. (4) the price ceiling is above the equilibrium price.
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