Micro 3.1

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What is a market?
A situation in which buyers are sellers come together to engage in trade.
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How can a market not occur in a physical location?
With e-commerce now playing an increasingly important role in the exchange of goods and services.
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When does a competitive market occur?
When there are a large number of potential buyers and sellers, all individually powerless to influence the ruling market price.
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What is the market ruling price known as?
The equilibrium price.
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What is the equilibrium price determined by?
The interaction of market demand and market supply.
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Other cards in this set

Card 2

Front

How can a market not occur in a physical location?

Back

With e-commerce now playing an increasingly important role in the exchange of goods and services.

Card 3

Front

When does a competitive market occur?

Back

Preview of the front of card 3

Card 4

Front

What is the market ruling price known as?

Back

Preview of the front of card 4

Card 5

Front

What is the equilibrium price determined by?

Back

Preview of the front of card 5

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