The market price of a ware refers to the price that is determined by the interaction of supply and demand.

Question

Quizplus · Accepted Answer

The market price of a good is indeed determined by the interaction of supply and demand. It is the point where the supply curve and demand curve intersect, indicating the quantity of the good that buyers are willing and able to purchase at that particular price, and the quantity of the good that sellers are willing and able to sell at the same price, respectively. This market-clearing price is the one that prevails in a competitive market, where neither buyers nor sellers have market power to influence the price.

The Market Price of a Ware Refers to the Price