Economics Assignment

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Economics Assignment Name Institution Affiliation Economics Assignment Chapter 4: pg. 86. Essentials of Economics /Seventh Edition1. Competitive markets are markets characterized by the presence of many buyers and sellers such that each has a negligible influence on the price of goods and services being offered. A monopoly is an example of a market structure that is not perfect as the sellers dictate the cost of their products and services. 2. A demand schedule is a table used to present the relationship between the price of goods and service, and the quantity demanded. On the other hand, the demand curve is a graphical representation of the amount required versus their costs. The demand curve slopes downwards as when the prices of goods are low; more quantities are demanded by the consumer. 3. A change in taste causes a shift in demand curve while a change in price results in a movement along the demand curve. 4. Spinach is an inferior commodity and an increase in the quantity demanded will result in a shift in demand curve to the right. 5. A supply schedule is a table that shows the relationship between the price of goods and service, and the quantity supplied while the supply curve is a graphical representation of the amount supplied versus their prices. The supply curve slopes upwards as high prices attract more suppliers into the market. 6. A change in producers’ technology results in a shift in supply curve while a change in price causes a movement along the curve. 7. The equilibrium of a market arises when the quantity of goods supplied in the market is equal to the quantity demanded. A market is pushed towards its equality by a shortage and a

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