4. Are all markets competitive? . Chapter Review .
. . . . . . .
. . .
.
. . .
.
. . .
.
. . .
.
. . .
.
. . .
.
. . .
.
. . .
.356
2. What is a competitive market? . . . . . . . . .357 3. How are prices determined in a competitive market? .
.358 .363 .366
Case Study Supply and Demand
Conor Clancy was confused. He understood how supply and demand infl uenced prices, but he also noticed that some businesses seemed to compete very intensely on the basis of price or advertising. While other businesses did not seem to make much of an effort to compete at all. ‘What’s going on?’ he wondered.
How does supply and demand in different markets affect prices?
Learning Outcomes 3.1 3.3 3.10
Are all markets the same or are there differences?
