数学单元卷 - 第四单元测试卷

What is the definition of a market?

A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.

List some characteristics of a market.

A market should have:

• A specific location (can be physical or virtual)
• Buyers and sellers
• Goods or services to be exchanged
• A way to determine the price

What is market equilibrium?

Market equilibrium occurs when the supply in the market is equal to the demand in the market.

What is the law of supply?

The law of supply states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.