Why should you know the prevailing price in the market

The market price is the current price at which an asset or service can be bought or sold. The market price of an asset or service is determined by the forces of supply and demand. The price at which quantity supplied equals quantity demanded is the market price.

The market price is used to calculate consumer and economic surplus. Consumer surplus refers to the difference between the highest price a consumer is willing to pay for a good and the actual price they do pay for the good, or the market price. Economic surplus refers to two related quantities: consumer surplus and producer surplus. Producer surplus may also be referred to as profit: it is the amount that producers benefit by selling at the market price (provided that the market price is higher than the least that they would be willing to sell for). Economic surplus is the sum total of consumer surplus and producer surplus.

KEY TAKEAWAYS

The market price is the current price at which a good or service can be purchased or sold.

The market price of an asset or service is determined by the forces of supply and demand; the price at which quantity supplied equals quantity demanded is the market price.

In financial markets, the market price can change quickly as people change their bid or offer prices, or as sellers hit the bid or buyers hit the offer.

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