World Scholars' Cup Questions And Answers Latest Solution

World Scholars' Cup Questions And Answers Latest
Solution

, World Scholars' Cup Questions And Answers Latest
Solution

black market - ans a secret market in which goods are sold illegally



supply - ans a stock of resource from which a person or place can be provided with the necessary
amount of that resource



demand - ans Consumer willingness and ability to buy products



deadweight loss - ans loss of economic efficiency that can occur when equilibrium is not achieved or
not achievable



Equilibrium - ans A state of balance between supply and demand



regulation - ans A rule or directive made and maintained by an authority.



perfect competition - ans the situation prevailing in a market in which buyers and sellers are so
numerous and well informed that all elements of monopoly are abswnt and the market price of a
commodity is beyond the control of individual buyers and sellers.



imperfect competition - ans the situation prevailing in a market in which elements of monopoly allow
individual producers or consumers to exercise some control over market prices



monopoly - ans the exclusive possession or control of the supply or trade in a commodity or service.



commodity - ans an article of trade or commerce, especially a product as distinguished from a service.