ECO 561 Course Great Wisdom / tutorialrank.com ECO 561 Course Great Wisdom / tutorialrank.com | Page 24

Write a 700- to 1,050-word paper in which you relate the concepts in
this week's readings to a prior real world experience. The experience
does not necessarily have to be work experience. One note; these
word count figures are meant to be a guideline, but feel free to exceed
this if you find it is necessary to adequately provide relevant details
and clarify important points.
Discuss the market equilibrating process in relation to your
experience. First define at least five key concepts including those
related to the market equilibrating process. Suggestions include the
laws of supply and demand, the factors that affect the supply and
demand curves, market equilibrium, price ceilings and price floors,
and the price elasticity of demand. Second, provide an application of
each concept to the context of the real world event.
Format your paper according to APA standards.
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ECO 561 Week 1 Knowledge Check (Quiz)
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1. Revenue increases when
2. An increase in the price of an inelastic good
3. Price elasticity of demand increases when
4. The purpose of a market in a market system is to
5.
By specializing in the production of one good, a company is
able to benefit from economics of scale which increases its revenue.
Which of the following is an attribute of specialization?
6. The market system promotes progress by
7. Productive efficiency is achieved when
8. The market is asid to be in equilibrium when
9. The market will move to a higher equilibrium price if