ABSTRACT
The earlier chapters dealt with the theory of value or price theory as it pertains to the
product market. The emphasis was on the analysis of consumer demand for a good or
service and producer supply of goods and services. In essence, it was the study of the way
in which equilibrium was achieved in the product market based on supply and demand
analysis. This equilibrium gave the optimum price (or market value) of the product and
the optimal quantities.
