Markets, viewed from the perspective of the supply and demand model,

A) assume many buyers and many sellers of a standardized product.
B) assume market power so that buyers and sellers bargain with one another.
C) do not exist in the real-world economy.
D) are approximated by markets in which a single seller determines price.

Supply And Demand

The fundamental economic model that explains the interaction between the quantity of a good or service that producers wish to sell and the quantity that consumers wish to buy.

Standardized Product

A product that is uniform in quality and characteristics, produced in large volumes, and by many different firms.