Market Price
Market price is an economic concept with commonplace familiarity; it is the price that a good or service is offered at, or will fetch, in the marketplace; it is of interest mainly in the study of microeconomics. Market value and market price are equal only under conditions of market efficiency, equilibrium, and rational expectations.
In economics, returns to scale and economies of scale are related terms that describe what happens as the scale of production increases. They are different terms and are not to be used interchangeably.
Read more about this topic: Cost-of-production Theory Of Value
Famous quotes containing the words market and/or price:
“Ae market night,
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Wi’ reaming swats that drank divinely;”
—Robert Burns (1759–1796)
“By all those, who are not much acquainted with him, he was considered infinitely below his level; he put no price upon himself, and consequently went at an undervalue; for the world is complaisant or dupe enough, to give every man the price he sets upon himself, provided it be not insolently and overbearingly demanded. It turns upon the manner of asking.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)