# 25 when economists describe a market they mean any

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# 25 - When economists describe "a market," they mean any place where, or mechanism by which, buyers and sellers interact to trade goods, services, or resources.
# 26 - Who determines the price and quantity traded in a market?
# 27 - When economists say that the demand for a product has decreased, they mean that consumers are now willing and able to buy less of this product at each possible price. # 28 - A market with well-established rules and structure is a(n) _______ market.
# 29 - If the price of Pepsi decreases, all else held constant, then we’d expect to see
# 30 - In moving along a demand curve, which of the following is not held constant?
# 31 - The horizontal axis of a graph that shows a market demand curve indicates the
# 32 - Which of the following will not cause a change in the demand for product A?
# 33 - When the price of a product increases, consumers shift their purchases to
# 34 - When economists speak of "demand" in a particular market, they refer to the whole demand curve or schedule.
# 35 - Which of the following scenarios would likely shift the supply curve for potatoes to the right (increase in supply)?
# 36 - Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The supply schedule below shows the quantity of peaches supplied in each state at each price. Individual and Market Supply of Peaches Quantity of Peaches Supplied (pounds) Price (dollars per pound) GA SC Market \$10 20,000 18,000 8 16,000 15,000 6 12,000 12,000 4 8,000 9,000 2 4,000 6,000 Instructions: Enter your answers as a whole number. a. In the table, complete the column labeled “Market.”
b. How many pounds of peaches will be supplied to the market when the price is \$6 per pound?
Explanation a. To find the market quantities supplied at each price, you add the GA quantity and the SC quantity at each price. This amount is the market quantity, which is the value entered into the "Market" column of the table. For example, at a price of \$10, the GA quantity is 20,000 and the SC quantity is 18,000. Therefore, the market quantity at \$10 is 20,000 + 18,000 = 38,000.