The Influence of Competition on Demand and Supply
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Influence of Competition on Demand and Supply
Competition is a fundamental concept in economics that affects both the demand and supply of goods and services. It is the force that drives markets and determines prices. The degree of competition in a market affects the behavior of producers and consumers, and ultimately determines the equilibrium price and quantity of a product.
On the demand side, competition influences the quantity of a product that consumers are willing to buy at a given price. When there is intense competition among producers, the price of the product tends to be lower, all else being equal. This is because consumers have more options to choose from, and they will tend to choose the product that offers the best value for their money. As a result, the demand curve for the product shifts to the right, indicating an increase in the quantity demanded at each price point.
On the other hand, when there is limited competition, producers can charge higher prices without fear of losing market share. This is because consumers have few alternatives, and they may be willing to pay a higher price for the product. As a result, the demand curve for the product shifts to the left, indicating a decrease in the quantity demanded at each price point.
The impact of competition on the supply side is also significant. When there is intense competition among producers, they are motivated to lower their costs of production to stay competitive. This can lead to improvements in technology, economies of scale, and other efficiencies that reduce the cost of producing the product. As a result, the supply curve for the product shifts to the right, indicating an increase in the quantity supplied at each price point.
When there is limited competition, producers may have less incentive to reduce their costs, as they are not under pressure to compete on price. This can lead to higher costs of production and higher prices for the consumer. As a result, the supply curve for the product shifts to the left, indicating a decrease in the quantity supplied at each price point.
The degree of competition in a market can also affect the elasticity of demand and supply. Elasticity refers to the responsiveness of the quantity demanded or supplied to changes in price. When there is intense competition, the elasticity of demand tends to be higher, as consumers have more options to choose from. As a result, producers must be more responsive to changes in price to maintain their market share.
Similarly, the elasticity of supply tends to be higher in markets with intense competition. Producers must be responsive to changes in demand to maintain their market share, and this can lead to more flexibility in their production decisions.
In conclusion, competition is a fundamental concept in economics that affects both the demand and supply of goods and services. When there is intense competition among producers, the price tends to be lower, and the quantity demanded and supplied tends to be higher. When there is limited competition, the price tends to be higher, and the quantity demanded and supplied tends to be lower. The degree of competition in a market also affects the elasticity of demand and supply, which can have important implications for producers and consumers. Overall, competition is a vital force in driving markets and determining prices, and understanding its impact is crucial for making informed economic decisions.
The Influence of Competition on Demand and Supply
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!