Micro 3.1 0.0 / 5 ? EconomicsThe Meaning of a Competitive MarketA2/A-levelAQA Created by: neve.whinnCreated on: 10-03-20 18:40 What is a market? A situation in which buyers are sellers come together to engage in trade. 1 of 5 How can a market not occur in a physical location? With e-commerce now playing an increasingly important role in the exchange of goods and services. 2 of 5 When does a competitive market occur? When there are a large number of potential buyers and sellers, all individually powerless to influence the ruling market price. 3 of 5 What is the market ruling price known as? The equilibrium price. 4 of 5 What is the equilibrium price determined by? The interaction of market demand and market supply. 5 of 5
AQA Unit 3 Economics: Business Economics and the Distribution of Income 5.0 / 5 based on 1 rating Teacher recommended
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