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Market Structures, Production, Supply and Costs

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Description

Markets are places where buyers and sellers come together to agree prices. Markets can be physical in terms of buyer and seller meeting to agree the terms of sales, or they can be virtual by means of emails, electronic documents and secure messaging.

In a market system everything has a price which is the value of the product in terms of money. The price involved is significant for it sends signals about demand - higher prices will encourage greater production.

This bite-size chunk covers market structures i.e.:

  • competitive markets
  • monopolistic markets
  • oligopolistic markets
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