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Suppy and Demand - Essay Example

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Summary

In the essay “Supply and Demand” the author focuses on numerous factors that determine the supply and demand of commodities in an economy. These factors are almost equally applicable in every economy regardless of its size or level. There are mainly four forms of market systems…

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Subject: Macro & Microeconomics
Type: Essay
Level: High School
Pages: 1 (250 words)
Downloads: 2

Extract of sample "Suppy and Demand"

Monopolistic competition is the prevalence of both monopoly and competitive elements. Although no uniform price exists, there is product differentiation in this system. Finally, oligopoly refers to the market condition which stays between duopoly and perfect competition. Duopoly is the condition when there are two sellers; and oligopoly comprises more than two sellers but limited to that of perfect competition. The role of economists The role of an economist is highly important in an economy. In order to promote an appropriate market system, one has to identify various factors such as the number of buyers and sellers, type of products, selling costs, perfect knowledge of the consumers, transport costs, etc.

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