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Business Studies

Market

Define market...

Question

Define market for a good.

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Solution

Market refers to the mechanism of sale and purchase of goods and services. Market of a good does not indicate any geographical location.

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Similar questions

What is market demand for a good? Name the factors that determine market demand.

Q. Consider a market where there are just two consumers and suppose their demands for the good are given as follows:

p	$d_{1}$	$d_{2}$
1	9	24
2	8	20
3	7	18
4	6	16
5	5	14
6	4	12

Calculate market demand for the good.

Q. Market demand for any good is a function of the ______.

Q. Market for a good is in equilibrium. What is the effect on equilibrium price and quantity if both market demand and market supply of the good increase in the same proportion? Use diagram.

Q. Define a Perfect market. Explain any four features of a Perfect market.

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