Markets I.enable buyers and sellers to get information.
II.are defined by economists as geographical locations where trade occurs.
III.have evolved because they facilitate trade.
Which of the above statements are correct?

Question

Quizplus · Accepted Answer

Both statements I and III are correct. Markets allow buyers and sellers to exchange information about prices, quality, and other relevant factors. Furthermore, markets have evolved over time because they allow for more efficient trade and specialization, which ultimately benefits both buyers and sellers. However, statement II is not entirely accurate. Economists define markets as systems or networks of interactions between buyers and sellers, rather than just physical locations.

Markets I.enable Buyers and Sellers to Get Information