A market is a broad concept that refers to any arrangement by which economic exchanges take place, such as through the buying and selling of goods and services. Markets can take place in physical locations, such as a farmers' market, or through virtual means, such as online marketplaces. It is not necessarily a place where firms meet to set prices or an organization controlled by the government.

Solved

A Market Is

Question 6

Multiple Choice

A market is

A) a place where firms meet to set prices.
B) an arrangement by which economic exchanges take place.
C) an organization controlled by a government.
D) a place where goods are produced.
E) anywhere people come close to each other.

Correct Answer: