The Intersection of Demand and Supply in Competitive Markets
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 Intersection of Demand and Supply in Competitive Markets
In competitive markets, the intersection of demand and supply plays a crucial role in determining the price and quantity of goods and services exchanged. This intersection point is commonly referred to as the market equilibrium, and it represents the point at which the quantity demanded by buyers is equal to the quantity supplied by sellers at a specific price.
Demand is the quantity of a good or service that consumers are willing and able to buy at a given price, while supply is the quantity of a good or service that producers are willing and able to sell at a given price. The relationship between price and quantity demanded is inverse, meaning that as the price of a good or service increases, the quantity demanded decreases. The relationship between price and quantity supplied is direct, meaning that as the price of a good or service increases, the quantity supplied increases.
When the price of a good or service is too high, demand decreases while supply increases, leading to a surplus. On the other hand, when the price of a good or service is too low, demand increases while supply decreases, leading to a shortage. The market equilibrium occurs at the point where the quantity demanded equals the quantity supplied, resulting in neither a surplus nor a shortage.
The equilibrium price is the price at which the quantity demanded equals the quantity supplied. At this price, there is no incentive for buyers or sellers to change their behavior. The equilibrium quantity is the quantity of the good or service that is bought and sold at the equilibrium price. Both the equilibrium price and quantity are determined by the intersection of the demand and supply curves.
Demand and supply curves are graphical representations of the relationship between price and quantity in a competitive market. The demand curve slopes downward, reflecting the inverse relationship between price and quantity demanded. The supply curve slopes upward, reflecting the direct relationship between price and quantity supplied.
The point at which the demand and supply curves intersect represents the market equilibrium. At this point, the quantity demanded by buyers is equal to the quantity supplied by sellers at a specific price. The equilibrium price and quantity are determined by the market forces of demand and supply.
Changes in demand or supply can shift the demand or supply curves, leading to a new market equilibrium. For example, an increase in demand will shift the demand curve to the right, resulting in a higher equilibrium price and quantity. A decrease in demand will shift the demand curve to the left, resulting in a lower equilibrium price and quantity.
Similarly, an increase in supply will shift the supply curve to the right, resulting in a lower equilibrium price and a higher equilibrium quantity. A decrease in supply will shift the supply curve to the left, resulting in a higher equilibrium price and a lower equilibrium quantity.
Market equilibrium is an important concept in economics because it determines the price and quantity of goods and services that are bought and sold in competitive markets. Prices serve as signals to both buyers and sellers, indicating how much a good or service is worth and how much it costs to produce.
In conclusion, the intersection of demand and supply in competitive markets is the point at which the quantity demanded equals the quantity supplied, resulting in neither a surplus nor a shortage. This market equilibrium is determined by the forces of demand and supply, and changes in either demand or supply can shift the equilibrium price and quantity. Understanding the concept of market equilibrium is essential for analyzing and predicting the behavior of buyers and sellers in competitive markets.
The Intersection of Demand and Supply in Competitive Markets
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. |
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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) |
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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) |
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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. |
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