A group of buyers and sellers with the potential to trade with each other is known as a(n)
A) trading bloc
B) cartel
C) market
D) industry
E) sector

Question

Quizplus · Accepted Answer

A market refers to the group of buyers and sellers who have the potential to trade with each other for a particular good or service. A trading bloc refers to a group of countries that have formed a strategic alliance for trade purposes, a cartel involves collusion among a specific group of producers to control prices and output, an industry refers to a broader category of businesses that produce similar goods or services, and a sector refers to a segment of the economy characterized by particular features, such as technology or demographics.

A Group of Buyers and Sellers with the Potential to Trade