rosrkot A market is a group of buyers and sellers of a particular good or service. The buy-
a group of buyers ai»d ers as a «roup determine the demand for the product, and the sellers as a group sellers of a particular determine the supply of the product.
good or wrwico Markets take many forms. Sometimes markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales.
More often, markets are lc» organized. For example, consider the market for ice cream in a particular town. Buyers of ice cream do not meet together at any one time. The sellers of ice cream are in different locations and offer somewhat different products. There is no auctioneer wiling out the price of ice cream. Each seller posts a price for an ice-cream cone, and each buyer deckles how much ice cream to buy at each store. Nonetheless, these consumers and producers of ice cream are closely connected. The ice-cream buyers are choosing from the various ice-cream Sellers to satisfy their hunger, and the ice-cream sellers are all trying to appeal to the same ke-cream buyers to make their businesses successful. Even though it is not organized, the group of ice-cream buyers and ice-cream sellers forms a market.
competitive market a market in which there are many buyers and many sellers so that each has a Impact on the market price
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