ECON 051 Lecture : Chapter 4_ The Market Forces Of Supply And Demand
Document Summary
Chapter 4: the market forces of supply and demand. Swope - demand refer -0 behavior of pp as nei in - enact one ano - her. Market: a group of buyers and sellers of a particular good or service ou ers : determine demand for product seers : ce - ermine su > ph of sroduct. Competitive market: a market in which there are many buyers and many sellers so that each has a negligible impact on the market price. 554ms - ions : marse - s are serfec - comp e- i - ive. 2 characteristics: goods offered for sale are all exact / i. He same ou ers se ers are so numerous tha- no single bun er se er. > as an influence o er mare price ou ers set ers are > rice - ake - s onopo \ = on y set er. The demand curve: the relationship between price and quantity.
