2.1 NTRODUCTION Market a group of buyers and sellers of a particular good or service Partitioners buyers, sellers Price ys Amount price- independent varlable amount -induced variable Competitive market a market in which there are many buyers and many sellers so that each has a negligible impact on the market price Characteristics 1. the goods being offered for sale are all the same 2. the buyers and sellers are so numerous that no single buyer or seller can influence the market price2.1 INTRODUCTION ◼ Market ◼ a group of buyers and sellers of a particular good or service ◼ Partitioners ◼ buyers, sellers ◼ Price vs Amount ◼ price – independent variable ◼ amount – induced variable ◼ Competitive market ◼ a market in which there are many buyers and many sellers so that each has a negligible impact on the market price ◼ Characteristics: 1. the goods being offered for sale are all the same 2. the buyers and sellers are so numerous that no single buyer or seller can influence the market price