Various aspects of the industry. The amount of a good or service that consumers are willing and able to buy at a given price is known as demand. The elasticity of demand refers to the degree to which a change in the price of a commodity or service alters the amount demanded. A good or service's supply is the amount that producers are willing and able to sell at a given price. The price at which demand for an item or service equals supply is known as market equilibrium. The property of a market or system that leads to the best possible distribution of resources is referred to as economic efficiency. If a product's selling price is equal to its marginal cost of production, it is said to be "profitable." Setting a product or service's price is known as pricing. In most cases, factors such as production costs, consumer demand, and the competitive landscape are taken into account. Competition types: There are three primary types: perfect competition, monopolistic competition, or anoligopoly. There are numerous buyers and sellers of a product or service in a perfect competition market structure, and all of them are price takers. There are numerous customers and