Asked by Courtlyn Patrick on Jun 15, 2024
Verified
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.
Market
Any institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of a particular good or service.
Exchange of Goods
The act of giving one thing and receiving another, especially of the same type or value, commonly referred to in the context of trade or barter.
Buyers and Sellers
The participants in a market who respectively purchase and offer goods or services for trade.
- Acquire knowledge on how demand and supply curves are constructed and interpreted.
Verified Answer
AR
alissa rubioJun 15, 2024
Final Answer :
C
Explanation :
A market is an institution that brings together buyers and sellers, where they can exchange goods and services. It does not necessarily require face-to-face contact, as transactions can also take place through online platforms or intermediaries. The demand and supply curves in a market typically determine the prices and quantities of goods and services exchanged.
Learning Objectives
- Acquire knowledge on how demand and supply curves are constructed and interpreted.