The authors continue about microeconomics.
A given market might be for:
o a product - say
fresh corn;
o or the services of
a factor of production - say bricklaying.
The theory considers:
ü aggregates of
quantity demanded by buyers;
ü and quantity
supplied by sellers
at each possible price per unit.
It weaves these together to describe how the market may reach
equilibrium.
This price and quantity equilibrium responds to market changes
over time.
This is broadly termed supply and demand analysis.
Market structures, such as:
o perfect competition;
o and monopoly
are examined as to implications for behavior and economic
efficiency.
Used from paper of Abdul Ghafar
Ismail and Noraziah Che Arshad
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