Notes and Study material for Exams
The following are subtopics of market price: Market price is the price at which a good or service is bought and sold in a competitive market. Market price is determined by the interaction of supply and demand. Supply is the amount of a good or service that producers are willing and able to sell at … Read more
Law of demand Law of supply Demand curve Supply curve Equilibrium price Equilibrium quantity Market equilibrium Market disequilibrium Shifts in demand Shifts in supply Elasticity of demand Elasticity of supply Consumer surplus Producer surplus Total surplus Welfare economics The law of demand states that, all other things being equal, the quantity demanded of a good … Read more