Many different sellers and buyers exist within a marketplace (Hildebrand, 2009). It implies that there is competition within the market that allows price to fluctuate in response to shifts in supply, as well as demand. Besides, for almost each commodity there exist substitutes, for that reason, whenever a commodity becomes expensive, a purchaser may prefer a cheaper commodity or substitute. In any given marketplace having many sellers as well as purchasers, the supplier and consumer have an equal chance to influence cost or price of transactions (Mankiw & Taylor, 2006). In some sectors, substitutes do not exist and for that Continue reading...