Market Definition
Market Definition
Market Definition
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<strong>Market</strong> <strong>Definition</strong><br />
A market is a collection of buyers and sellers, resulting in the possibility for exchange.<br />
<strong>Market</strong> boundaries are defined in both geographic terms and in terms of a range of<br />
products.<br />
• Demand Substitutability:<br />
− Would consumers adjust purchases of good A when the price of good B changes?<br />
• Supply Substitutability:<br />
− Would producers modify production of good A as a result of a change in the price of<br />
good B?<br />
Midterm Review 2 10/06/04
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