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In economic terms what does market mean?
the coming together of a buyer and seller
What is the role of buyers and sellers in determining market clearing prices?
The sellers will determine how much they want the product to cost to make it worth producing. Buyers will determine how much they will spend on the product.
What are the requirements for perfect competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
What are go-betweens that bring buyers and sellers together?
Brokers.
What are the features of perfect competition?
1. large number of buyers and sellers. 2. homogeneous product.
In the study of economics the definition of a market is?
an arrangement that allows buyers and sellers to exchange things
In economic terms what does market mean?
the coming together of a buyer and seller
What is the role of buyers and sellers in determining market clearing prices?
The sellers will determine how much they want the product to cost to make it worth producing. Buyers will determine how much they will spend on the product.
What are the requirements for competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
What is the meaning of market in the economics?
The market refers to the buying and selling abilities within a local, state, or national economy.Mechanism, process, or means by which buyers and sellers are brought together.
What are the requirements for perfect competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
What is the difference between a tax paid by buyers and tax paid by sellers?
the only difference between tax paid by buyers and tax paid by sellers is who sends the money to the government. Manga economics student
Difference between a physical marketplace and an e-marketplace?
Physical marketplace; · Buyers and sellers meet together face to face · The market place is physical · The product and services are delivered physically · The market is not an electronic market E-marketplace; · Business takes place in an e-commerce site · Buyers and sellers delivers and receive money product and services electronically · Buyers and sellers only meet online · The marketplace is not physical
What are go-betweens that bring buyers and sellers together?
Brokers.
What are the features of perfect competition?
1. large number of buyers and sellers. 2. homogeneous product.
Why there is a large number of sellers and buyers in monopolistic competition?
large numbers of buyers and sellers
Markets explained on the basis of supply and demand?
Assume many buyers and many sellers of a standardized product
