Name
University of Phoenix
Angela Rogers
XECO 212
AUGUST 5, 2012
The sparing today is important in our daily lives and how our society operates. or so of the
most important intimacys that we should consider when studying economics is the principals and roles of
the food grocerys, the militant securities industrys, monopolies and oligopolies. All of these ar important to the
consumer. Economists assume that there are a number of different buyers and sellers in the
marketplace (investopedia).
The competitory market can be defined as a market with many buyers and sellers who trade
identical harvest-feasts so that each of the buyer and sellers is a price taker (Principles of Economics, p.290).
In the competitive market, each and both seller and buys accepts the predetermined price for the
good. The cost of a product is determined by how much the buyers are willing to reconcile for the product
and how much the seller is willing to sell the product for. When communicate about the competitive market
another trait is that any seller offers the product can enter or exit the market without any restraints
(Principles of Economics, p.290).
When a firm is competitive is when the price that the bank line charges
for the products, is equivalent to the marginal cost which makes the good and is, or really close to the
equilibrium (Makiw, p. 3060). When someone is describing the market the first thing that they will
describe is that the market is competitive, and this is due to prices of goods going up and down.
This helps the market stay competitive with the economy. In the economy that we currently subscribe if you
are selling goods and you are not competitive you whitethorn lose business to your current competitors or
future competitor.
An important market structure is the monopolistic market. According to the research that I
have discover according...If you want to get a full essay, order it on our website: Orderessay
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