Competitive market
What do you mean by the term Competitive market?
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Competitive market: A competitive market is a market, in which there are lots of buyers and sellers of an identical product and hence each has an insignificant impact on the market price. Other kinds of markets comprise monopoly, in which there is just one seller, oligopoly, in which there are some sellers which do not always compete forcefully, and monopolistically competitive markets, in which there are lots of sellers, each providing a slightly distinct product.
"In corn market, demand often exceeds supply and supply sometimes exceeds demand." "The price of corn rises and falls in response to changes in supply and demand."
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If the MPC is .70 and investment increases by $3 billion, the equilibrium GDP will:
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