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3 years ago

In a market system, how are the terms of exchange established?

Business

1 answer:

NikAS [45]3 years ago

4 0

Answer:

The forces underlying supply and demand interact to determine a market clearing price

Explanation:

Market is a place or system where person that are seller and buyer who come together for the purpose of sale and purchase the goods.

Types of market are :

Perfect Competition : It is a market in which there are number of sellers and number of buyers selling same commodities or homogeneous product.

Monopoly : It is a form of market in which there is single seller , he has full control over price.

Monopolistic Competition : It is a form of market in which there are number of sellers and number of buyers but all the sellers are selling different type of product.

Oligopoly : it is a form of market in which there are few big firms but a large number of buyers .

The market is also known as price system.The market system is very efficient . Market system creates a good competition.

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Answer:

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