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∙ 7y agoSupply
Lamya Massey
Supply & demand
The product being sold is the product being manufactured or grown for a market willing to purchase the product.
Since price of a good is determined where demand meets supply, it means that for the price, the optimum amount of goods are produced and consumed, making sure that everybody who has the demand for the good (willing able able to pay for it) can have that good.
If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
yes
Supply & demand
The product being sold is the product being manufactured or grown for a market willing to purchase the product.
Since price of a good is determined where demand meets supply, it means that for the price, the optimum amount of goods are produced and consumed, making sure that everybody who has the demand for the good (willing able able to pay for it) can have that good.
If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
yes
Value is what an informed and reasonable buyer is willing to pay, and what an unforced and unstressed seller is willing to take in exchange for a thing.