Questions and Answers
What do supply and demand determine in a market economy?
Prices
What is a competitive market defined as?
A market where buyers and sellers have negligible impact on the market price
What do the terms 'supply' and 'demand' refer to in the context of markets?
Behavior of people as they interact with each other in markets
What is the model of the market based on supply and demand primarily dependent on?
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What leads to an efficient outcome in the model of supply and demand?
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