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What is the difference between a monopoly and a monopsony?
A monopoly is when a single company controls the supply of a product or service in a market, while a monopsony is when a single buyer controls the demand for a product or service in a market.
How does the demand for a product or service affect its price in the market?
The demand for a product or service affects its price in the market by influencing the balance between supply and demand. When demand is high and supply is limited, prices tend to increase. Conversely, when demand is low and supply is abundant, prices tend to decrease. This relationship between demand and price is a key factor in determining the market value of a product or service.
Can a product be a service?
NO! A product is different from service. An example of product is Milk, Mobile phone, TV, Car, etc. An example of service is insurance, medical care (but medicine is product), etc. The government marks use for service is SM, which stands for service mark, while for product it is TM, which stands for Trademark.
How can one create a demand curve for a product or service?
To create a demand curve for a product or service, one must analyze the relationship between the price of the product or service and the quantity demanded by consumers. By conducting market research, collecting data on consumer preferences, and observing how changes in price affect demand, a demand curve can be plotted to show the quantity of the product or service that consumers are willing to buy at different price points.
When all the product or service brought to market is consumed the price for the product or service is considered to be a?
rising price
