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When buyers and sellers interact in a market what is the result?
Wiki User
∙ 9y ago
agreement on the price and quantity traded
Brenden McClure
Sonny Bernhard
agreement on the price and quantity traded
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Do buyers and sellers as one group determine demand but only seller determine supply?
Yes. Buyers want a product and those that sell it regulate how much of it they sell to the buyers, therefore controlling the supply as a result of the demand.
How do you define market and explain how markets are classified?
Market in Economics is the result of contanct between the buyers and sellers, as a result of which one product of a given quantity and trade mark is brought and sold at one place. Types of markets 1.on the basis of place or area , market is classified into three types: i)local market, ii) national market and iii)international market. 2.on the the basis of time market is classified into four types: i)market period, ii)short period, iii)long period and iv)secular market. 3.on the basis of degree of competition market is classified into three types: i) Perfect competition ii) Imperfect competition and iii) Monopoly
What is the difference between perfect competition and monopoly competition?
In perfect competition, the market consists of a large number of buyers and sellers of an identical good. A real world example that is close to this is the market for farm commodities, such as wheat or soybeans. The critical feature is that there are so many buyers and sellers that each buyer and seller assumes that their behavior will have no impact on the final market clearing price. That is, they assume the price will be $X no matter how much they buy and sell and furthermore they assume that they can buy and sell as much of the good as they want/can afford at that price. This sort of assumption is called "price taking behavior". In contrast, a monopolistically competitive market has many sellers, but they each sell a unique good. A good example of this is the soda market, which has many competing sellers such as Coke, Pepsi, Royal Crown, 7up, etc. Here, each seller can set whatever price they want for the good that they control, but they have to take into account how many other goods are close substitutes for the good that they sell. If there are many close substitutes, the end result will be similar to a perfectly competitive market; each seller will earn zero economic profit. In contrast, if no close substitutes exist, the market is a plain old monopoly and the monopolist earns economic profits.
What is the result of competition between sellers?
Lower prices.
What is the meaning of the word oligopoly?
An oligopoly is an intermediate market structure between the extremes of perfect competition and monopoly. Oligopoly firms might compete (noncooperative oligopoly) or cooperate (cooperative oligopoly) in the Marketplace.
Why did the real patron of buyers of the pearl keep all these men in different offices?
The real patron of buyers of the pearl keep all these men in different offices to create an impression in the sellers that they have good bargain and they are not being cheated as a result of market monopoly.
Do buyers and sellers as one group determine demand but only seller determine supply?
Yes. Buyers want a product and those that sell it regulate how much of it they sell to the buyers, therefore controlling the supply as a result of the demand.
How do you define market and explain how markets are classified?
Market in Economics is the result of contanct between the buyers and sellers, as a result of which one product of a given quantity and trade mark is brought and sold at one place. Types of markets 1.on the basis of place or area , market is classified into three types: i)local market, ii) national market and iii)international market. 2.on the the basis of time market is classified into four types: i)market period, ii)short period, iii)long period and iv)secular market. 3.on the basis of degree of competition market is classified into three types: i) Perfect competition ii) Imperfect competition and iii) Monopoly
What is the difference between perfect competition and monopoly competition?
In perfect competition, the market consists of a large number of buyers and sellers of an identical good. A real world example that is close to this is the market for farm commodities, such as wheat or soybeans. The critical feature is that there are so many buyers and sellers that each buyer and seller assumes that their behavior will have no impact on the final market clearing price. That is, they assume the price will be $X no matter how much they buy and sell and furthermore they assume that they can buy and sell as much of the good as they want/can afford at that price. This sort of assumption is called "price taking behavior". In contrast, a monopolistically competitive market has many sellers, but they each sell a unique good. A good example of this is the soda market, which has many competing sellers such as Coke, Pepsi, Royal Crown, 7up, etc. Here, each seller can set whatever price they want for the good that they control, but they have to take into account how many other goods are close substitutes for the good that they sell. If there are many close substitutes, the end result will be similar to a perfectly competitive market; each seller will earn zero economic profit. In contrast, if no close substitutes exist, the market is a plain old monopoly and the monopolist earns economic profits.
What is the result of competition between sellers?
Lower prices.
Why does competition among buyers result in higher prices for product?
Buyers compete for the same product by raising what they are willing to pay.
How social aspect affect in economy?
If it's market economy, the domestic market gets affected as cheap foreign products flood the market. It is well nigh impossible for domestic sellers to compete with the MNCs having big infrastracture of their own. As a result, either they are perished or find it almost impossible to survive in the competitive scenario.
How social aspect affects economy?
If it's market economy, the domestic market gets affected as cheap foreign products flood the market. It is well nigh impossible for domestic sellers to compete with the MNCs having big infrastracture of their own. As a result, either they are perished or find it almost impossible to survive in the competitive scenario.
What is the meaning of the word oligopoly?
An oligopoly is an intermediate market structure between the extremes of perfect competition and monopoly. Oligopoly firms might compete (noncooperative oligopoly) or cooperate (cooperative oligopoly) in the Marketplace.
How do the earth's systems interact as a result of plate movement?
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