A market is any arrangement where buyers and sellers interact to exchange goods and services. This can refer to physical locations like a local farmers market, but it also encompasses the broader concept of buyers and sellers coming together to determine prices and exchange goods and services. Markets can also apply to both goods and services.

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A Market

Question 98

Multiple Choice

A market:

A) is defined as a local market such as farmers market .
B) is any arrangement in which buyers and sellers determine the prices of goods and services exchanged.
C) is a hypothetical arrangement in which buyers and sellers determine the prices of goods and services exchanged.
D) can only be for goods but not for services.

Correct Answer: