Use the following two statements to answer this question: I. A market is a collection of buyers and sellers that, through actual or potential interactions, determine the price for a product or set of products.
II) An industry is a collection of markets for similar or closely related products.
A) Both I and II are true.
B) I is true, and II is false.
C) I is false, and II is true.
D) Both I and II are false.

Question

Quizplus · Accepted Answer

Statement I is true because a market is indeed a collection of buyers and sellers that interact to determine the price of products. Statement II is false because an industry is not a collection of markets; rather, it is a group of firms producing similar or related products.

Use the Following Two Statements to Answer This Question: I