Answer to Question #120087 in Microeconomics for Salva.k

Question

Consider a (homogeneous) product market comprising m sellers and n buyers, m>n>0. (i) Give an idea how one can model price determination in this market. (ii) Will the theoretical treatment change in the following cases (a) n>m>0 (b) n,m limit to infinity? Explain. {500 words}

Answer 1

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