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1、TheMarketForcesofSupplyandDemand1©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.MarketsandCompetitionMarketAgroupofbuyersands
2、ellersofaparticulargoodorserviceBuyersdeterminethedemandfortheproductSellersdeterminethesupplyoftheproduct2©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-pro
3、tectedwebsiteforclassroomuse.MarketsandCompetitionCompetitivemarketMarketinwhichtherearemanybuyersandmanysellersIndividualbuyer(orseller)hasanegligibleimpactonthemarketpricePriceandquantityaredeterminedbyallbuyersandsellersAstheyinteractinthemarketplace3©2012CengageLearning.AllRightsReserved.May
4、notbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.MarketsandCompetitionPerfectlycompetitivemarketGoodsofferedforsaleareallexactlythesameBuyersandsellersaresonumerousNosin
5、glebuyerorsellerhasanyinfluenceoverthemarketprice“Pricetaker”Atthemarket(equilibrium)price,Buyerscanbuyalltheywant,andsellerscansellalltheywant4©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainprodu
6、ctorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.MarketsandCompetitionMonopolyThereexistsonesellerinthemarketSetsthepriceOthermarketstructuresBetweenperfectcompetitionandmonopoly(oligopoly,monopolisticcompetition,etc.)5©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanne
7、d,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.DemandQuantitydemandedAmountofagoodthatbuyersarewillingandabletopu
