Consider the market for chicken. assuming that chicken and beef are substitutes, an increase in the price of beef will increase the number of people who want chicken, which causes the price of chicken to rise as well as the number of chickens that are bought at the market.
This is further explained below.
Generally, A market is a location where buyers and sellers may gather in order to make the process of exchanging or transacting products and services more efficient.
Markets may either be physically present, such as a retail establishment or virtually present, such as an online merchant. Illicit markets, auction markets, and financial markets are three other types of marketplaces.
A price is the amount of money or other kinds of remuneration that one party offers to another in exchange for the provision of products or services.
There are various contexts in which a different term is used to refer to the cost of manufacturing.
If the item is considered a "good" in the context of the business transaction, the term "price" will most often be used to refer to the amount of money paid for it.
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CQ
Consider the market for chicken. An increase in the price of beef will
a. decrease the demand for chicken, resulting in a lower price and a smaller amount of chicken purchased in the market.
b. decrease the supply of chicken, resulting in a higher price and a smaller amount of chicken purchased in the market.
c. increase the demand for chicken, resulting in a higher price and a greater amount of chicken purchased in the market.
d. increase the supply of chicken, resulting in a lower price and a greater amount of chicken purchased in the market.
