MANAGEMENT

Detailed explanation-1: -Markets establish the prices of goods and services that are determined by supply and demand. Features of a market include the availability of an arena, buyers and sellers, and a commodity.

Detailed explanation-2: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly.

Detailed explanation-3: -A marketing exchange is what happens any time two or more people trade goods or services. In marketing theory, every exchange is supposed to produce “utility, ” which means the value of what you trade is less than the value of what you receive from the trade.