29- In a competitive market price is defined when supply and clemand lareinbalance Balance can be disrupted when; The suppller has no idea about the demanded price. The general income level has increased. Customers know what suppllers need. No equilibrium is possible between demand and supply. 30-The least competitive market structure is; Perfect competition b Capitallst structure Monopoly Competitive markets. a

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29- In a competitive market price is defined when supply and clemand lareinbalance Balance can be disrupted when; The suppller has no idea about the demanded price. The general income level has increased. Customers know what suppllers need. No equilibrium is possible between demand and supply. 30-The least competitive market structure is; Perfect competition b Capitallst structure Monopoly Competitive markets. a

Answer 1

29- In a competitive market, price is defined when supply and demand are in balance. This balance can be disrupted when no equilibrium is possible between demand and supply. When the market is not in equilibrium, it means that the quantity demanded does not equal the quantity supplied, leading to either excess supply or excess demand. This imbalance can cause price fluctuations and market instability.30- The least competitive market structure is a monopoly. In a monopoly, there is only one supplier or seller in the market, and they have complete control over the price and supply of the product or service. This lack of competition allows the monopolist to set prices without considering the demands of consumers, leading to higher prices and limited choices for consumers. Monopolies can restrict competition and innovation, resulting in lower consumer welfare and market inefficiencies.

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