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The market mechanism: demand and supply
(Sumy State University, 2016) Chernysh, D.D.
The market mechanism is the mechanism of interrelation and interaction of the basic elements of the market – demand, supply, prices, competition, and the basic economic laws of the market. Supply and demand are interdependent elements of the mechanism. The former is determined by the solvent demand of consumers and offer a set of goods proposed by sellers. The ratio between them is formed in an inverse relationship, determining the corresponding changes in the level of prices for goods.