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ECON 1000 Lecture Notes - Lecture 3: Demand Curve, Latte, Marginal Cost

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greyweasel133
27 Sep 2017
School
York University
Department
Economics
Course
ECON 1000
Professor
Gordana Colby

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ECON 1000 Full Course Notes
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Document Summary

After studying this chapter, you will be able to: Describe a competitive market and think about a price as an opportunity cost. Explain how demand and supply determine prices and quantities bought and sold. Use the demand and supply model to make predictions about changes in prices and quantities. A market is any arrangement that enables buyers and sellers to get information and do business with each other. A market doesn"t have to be a physical place. A competitive market is a market that has many buyers and many sellers so no single buyer or seller can influence the price. If you have many sellers and they are all producing the same product. One firm raises the price a little bit, so no one will buy from them. The money price of a good is the amount of money needed to buy it.

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Related Questions

For a market to be competitive:
 
A) each buyer and seller is small, relative to the world market; no single decision-maker has any influence over the market price.
B) sellers must produce goods and services that are different from their competitors.
C) sellers should have substantial pricing power.
D) all you need are many buyers and many sellers
E) the price must be a fair price

Which of the following statements is true about a competitive market?

a) A competitive market must have a physical location.
 
b) It has so many buyers and sellers that no one can influence the price.
 
c) It includes markets for goods and services but not for inputs.
 
d) It has a handful of sellers but always has many buyers.
 
e) It has one seller competing to sell his or her product.
which of the following statements is true about a competitive market? 

a) A competitive market must have a physical location.

b) It has so many buyers and sellers that no one can influence the price.

c) It includes markets for goods and services but not for inputs.

d) It has a handful of sellers but always has many buyers.

e) It has one seller competing to sell his or her product.