How are markets identified and formed?

Question

How are markets identified and formed?

Answer 1

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Answer 2

For each situation examine

number of sellers and buyers – one, two, few, some, many?

price taker or price maker– price is determined by market demand and market supply or the firm has a high degree of control over price

homogeneous product – is the product or service is identical to that produced by other firms

barriers to entry – can anyone can enter the market and compete freely

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