A marketA) reflects upsloping demand and downsloping supply curves.B) entails the exchange of goods, but not services.C) is an institution that brings together buyers and sellers.D) always requires face-to-face contact between buyer and seller.

Question

Rajput Sachin · Accepted Answer

Final Answer : C, Explanation :  A market is defined as any arrangement that allows buyers and sellers to exchange goods and services. This definition does not specify the nature of the goods or services, nor does it require face-to-face interaction, making option C the correct choice. Options A, B, and D contain inaccuracies regarding the characteristics of markets and the nature of supply and demand curves, the exchange of goods and services, and the requirements for transactions.

A market

A) reflects upsloping demand and downsloping supply curves.
B) entails the exchange of goods, but not services.
C) is an institution that brings together buyers and sellers.
D) always requires face-to-face contact between buyer and seller.

Definitions

Learning Objectives

Learning Objectives

Related questions