00:01
In this question, before going further, let us talk about what is goods market.
00:08
So, goods market is a market where two parties, buyers and sellers interact with each other and exchange goods and services.
00:18
Now, there are different types of goods market.
00:21
Goods market can differ by factors like capital and labor or goods and services salts, taxes, subsidies, subsidies, price ceilings, price florings, government, regulations, number of buyers and sellers.
00:35
So generally in goods market, equilibrium price and quantity is determined by the intersection of demand and supply...