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Economics - Market Structure and Pricing: Introduction | 11th Economics : Chapter 5 : Market Structure and Pricing

Chapter: 11th Economics : Chapter 5 : Market Structure and Pricing

Market Structure and Pricing: Introduction

In the ordinary sense, the word ‘market’ refers to a physical place, where commodities and services are bought and sold.

Introduction

 

Every commodity or service that is exchanged has two sides: the supply side and the demand side. The supply side contains information on the number of sellers, the nature and the quantum of the product produced and brought to the market for sale. The demand side contains information on the number of buyers entering the market for buying the product. Hence the study of market and market structure forms an important feature of micro economics.

 



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11th Economics : Chapter 5 : Market Structure and Pricing : Market Structure and Pricing: Introduction | Economics


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