exam paper---read the requirement I send you carefully - Essay Example

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exam paper---read the requirement I send you carefully

In this sense, everyone produces and consumers determine the market price of a product (Johansson, 2004). Similarly, the determined price defines and determines what is to be produced and the consumers who can afford the products. Prices provide incentive to consumers and producers, albeit in different ways. That is, whereas high prices encourage producers to create more goods and services, high prices result in reduced consumption by consumers (Johansson, 2004). On the other hand, low prices discourage production but encourage consumers to consume more of the concerned goods and services. These high and low price incentive result in a balance between demand and supply, the forces of consumption and production respectively, resulting in equilibrium (Johansson, 2004). This demand and supply mechanism results in the efficient market outcomes in which consumer satisfaction in society is maximised and minimum cost. This paper explores the concept of a perfect market with regards to how it responds to changes in consumer demands. In addition, the paper compares a perfect market and a market with which one is familiar. The paper first explores the various types of market structures within which these factors interact. ...Show more

Summary

A Perfect Market By [Name of Student] [Name of Institution] [Word Count] [Date] Introduction Supply and demand are the two main factors that drive the market mechanism across all types of markets. At least everyone in society has to make certain choices in their lives…
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