Assume that molly operates a food truck in the parking lot of rpcc. if sally started a food truck and also operated it at rpcc right next to sally, the prices of food sold at rpcc should _____.

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23-08-2022
Social Studies

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Assume that molly operates a food truck in the parking lot of rpcc. if sally started a food truck and also operated it at rpcc right next to sally, the prices of food sold at rpcc should _____.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-29T20:39:45+02:00

Assume that molly operates a food truck in the parking lot of rpcc. if sally started a food truck and also operated it at rpcc right next to sally, the prices of food sold at rpcc should fall. Prices depend on the interaction between the demand and supply components of the market.

Demand and supply represent the willingness of consumers and producers to engage in buying and selling. Exchange of goods occurs when the buyer and seller can agree on a price. When there is imperfect competition, such as in monopolies and retailers, for example, price outcomes may not follow the same general rules.

In the event of a product exchange, the agreed price is known as the equilibrium price or market liquidation price. Market prices are not necessarily fair prices, they are just results. We do not guarantee complete satisfaction of buyers and sellers. Several assumptions are usually made about the behavior of buyers and sellers that give market prices a sense of sanity.

Know more about market demand here

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