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Define a market and identify and explain how various market forces would determine the price of a product or service?
Wiki User
∙ 14y ago
If we bring together the supply and demand curves onto one diagram, we find that they intersect at only one price. This is the market or equilibrium price. Only at this price is the quantity demanded equally to the quantity supplied.
The equilibrium or market price is arrived at by a gradual process. If trading takes place at prices other than the market price, there will be either a shortage or a surplus, which will cause the price to move until it settles at the equilibrium level.
Wiki User
∙ 14y ago
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