A market is any arrangement that brings buyers and sellers together to exchange goods or services. It is a fundamental concept in economics and is the basis of capitalist societies. Markets do not necessarily raise transaction costs, and prices in a market are typically flexible rather than rigid.

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A Market

Question 11

Multiple Choice

A market

A) raises the transaction costs of doing business.
B) is any arrangement that brings buyers and sellers together to exchange goods or services.
C) is an institution used rarely by capitalist nations.
D) is characterized by rigid prices

Correct Answer: