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Lesson 7: Market | Unit 2: The Numbers Page: 7 of 22

Topic: Market Agreement <=PAGE BACK | PAGE NEXT=>

What would happen if we had different prices in the market?
  • At 10 cents, the quantity demanded is 800 tapes and the quantity supplied is 0 tapes. This is not a suitable price. The buyers can't buy all that they want.
  • At 90 cents, the quantity demanded is 0 tapes and the quantity supplied is 800 tapes. This is not a suitable price, either. The sellers can't sell all that they want.
  • Buyers or sellers are not satisfied at these prices and will take corrective action.
This is not equilibrium.

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IMPERFECT COMPETITION

Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.

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Today, you are likely to spend a great deal of time at an auction trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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