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describe the following situations
1. Demand and supply are equal
2. Businesses lay of workers due to high price of labor and other inputs.
3. Buyers and sellers determine the prices of commodities.
4. Demand is greater than supply.
5. The sellers have not been successful in the clearing the market of surplus goods for a long time already.
6. Severe market shortage exists in the economy.
7. Supply is greater than demand
8. The Regional Tripartite Wages and Productivity Board determine the minimum wage.
9. The government controls the prices of prime commodities
10. The government distributes market coupons to consumers.
Equilibrium is the point where demand for a product equals the quantity supplied. This means that there's no surplus and no shortage of goods. A shortage occurs when demand exceeds supply – in other words, when the price is too low.
2. Businesses lay of workers due to high price of labor and other inputs.
Higherlaborcosts (higher wage rates and employee benefits) make workers better off, but they can reduce companies' profits, the number of jobs, and the hours each person works. The minimum wage, overtime pay, payroll taxes, and hiring subsidies are just a few of the policies that affect labor costs.
3. Buyers and sellers determine the prices of commodities.
In any market transaction between a seller and a buyer, the price of the good or service is determined by supplyanddemandinamarket. Supply and demand are in turn determined by technology and the conditions under which people operate.
4. Demand is greater than supply.
Economists call this an “excess demand” – the quantity demanded is greater than the quantity supplied at the given price. This is also called ashortage.
5. The sellers have not been successful in the clearing the market of surplus goods for a long time already.
If a surplus exist, price must fall in order to entice additional quantity demanded and reduce quantity supplied until the surplus is eliminated. If a shortage exists, price must rise in order to entice additional supply and reduce quantity demanded until the shortage is eliminated.
6. Severe market shortage exists in the economy.
When a shortage exists in a market, sellers: raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated. The unique point at which the supply and demand curves intersect is called: equilibrium.
7. Supply is greater than demand
In economics, an excess supply, economic surplus market surplus or briefly surply is a situation in which the quantity of a good or service supplied is more than the quantity demanded, and the price is above the equilibrium level determined by supply and demand.
8. The Regional Tripartite Wages and Productivity Board determine the minimum wage.
The Act established a new mechanism for minimum wage determination through the creation of the National Wages and Productivity Commission (NWPC) and the Regional Tripartite Wages and Productivity Boards (RTWPBs) in all regions of the country.
9. The government controls the prices of prime commodities
"(8) 'Prime Commodities' are goods not considered as basic necessities but are essential to consumers in times of any of the cases provided under Section 7 of this Act such as, but not limited to, flour; dried, processed or canned pork, beef and poultry meat; dairy products not falling under basic necessities; onions, ...
10. The government distributes market coupons to consumers.
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