You can find answers to the questions in this article at www.hoddereducation.co.uk/economicreviewextras
Markets are ubiquitous — transactions for goods and services underpin the structure of our daily lives. While each has different characteristics, the majority of markets we participate in share a common feature — the use of prices to allocate resources. The adjustment of prices to achieve market equilibrium, by equating the quantity demanded of a good or service with the quantity supplied, is a fundamental concept in economics. Moreover, it is the market’s solution to the question of how to allocate scarce resources among competing buyers.
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