Markets are best defined as
A) specific geographic locations where people get together to buy and sell.
B) hypothetical constructs used to analyze how people form their tastes and preferences.
C) arrangements where buyers and sellers get together to buy and sell.
D) places where people can inspect goods and services carefully.

Question

Quizplus · Accepted Answer

Markets are defined as arrangements where buyers and sellers get together to buy and sell goods and services. While markets may often be physical locations, such as a farmers' market or a mall, they can also exist virtually or as an abstract concept. The definition is not limited to a specific geographic location or merely a place to inspect goods, so options A and D are not the best choices. Option B describes a theoretical concept rather than a practical definition of markets.

Markets Are Best Defined as