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10 Cards in this Set

  • Front
  • Back
Supply
Quantity a supplier is willing to produce at a given price
Demand
something that a person is willing and able to Buy
4 P's of Market
Product
Place
Price
Promotion
Perfect Competition
a large # of buyers and sellers exchange identical products under 5 conditions
Oligopoly
-few very large sellers dominate the industry

-final prices higher than in monopolistic
Monopoly
Only one seller of a particular product
Goods and services
-something that is intended to satisfy wants of a consumer
Equilibrium Point
market price that generates an equal amount of supply and demand
Break even point
revenue equals the estimated total costs
Marketing
goods and services move from concept to the customer