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Canada (162,359)
Economics (923)
ECN 204 (282)
Chapter 4

Chapter 4

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ECN 204
Christos Shiamptanis

Chapter 4Market Forces of Supply and DemandWhat is a marketMarketare a group of buyers and sellers of a particular good or serviceThe buyers determine the demand of the product and sellers demand the supplyMarkets are usually less organizedEx People buying icecream dont buy the ice cream at the same place and timeAnd the sellers are in different place different times and have different productsWhat is CompetitionCompetitive Marketis an markets in which there are many buyers and sellers so that each has a negligible impact on the market placeSellers have limited control over the priceBecause they cant sell for less or sell at a higher priceIn this chapter we assume markets are perfectly competitive1The goods are offered for sale at the same time 2The buyers and sellers that no single buyers and seller has any influence over the market priceThe perfect competitive market is easy to analyze because everyone that is participating the market takes the price as givenWhen the buyers and sellers in the market accept the price they are known as price takersMonopoly Marketone seller and this sellers determines the price of the productDEMANDThe Demand Curve The Relationship between Price and Quantity Demand Quantity demandedthe amount of a good that buyers are willi
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