Question

. Explain the Price Determination process of market along with a diagram?​

Answer 1

Answer:

Market price is determined by the equilibrium between demand and supply in a market period or very short run. The market period is a period in which the maximum that can be supplied is limited by the existing stock.

Answer 2

Answer:

• The price of a commodity in the market is determinate with the help of law of supply and demand.
• when the supplier attempt to sell a product and the consumer attends to fullfill their wants,an equilibrium in the market takesplace. so the point where the demand and supply meets is the point where that market price for product is determined