Part 2- LO2- The operation of a market and how market structures influences a firm's production and strategic decisions. 1. Use relevant economic definitions as an introduction to the concept of Market in and its operations 2. Define and explain the concept of Demand and Supply as key determinants in any market transaction between a seller and a buyer in the context of determining the price of goods or services in a market. 3. Using diagrams, illustrate how demand and supply interact to meet the equilibrium price and quantity on the market 4. Identify and define the different market structures in economics (Perfect Competition, Monopolistic Competition, Monopoly and Oligopoly) and their distinguishing characteristics with relevant examples