A market is a mechanism that facilitates the exchange of goods and services between buyers and sellers. It does not necessarily refer to a physical place or a particular commodity. It can be large or small, and the commodities traded may not always be well-defined.

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A Market

Question 31

Multiple Choice

A market

A) makes possible the exchange of goods and services between buyers and sellers.
B) refers only to a specialized place or service where goods and services are exchanged.
C) refers only to a formally organized place where a well-defined commodity is always traded.
D) refers only to a localized place or service that facilitates the exchange of goods and services.
E) refers to both large and small places where poorly defined commodities are traded.

Correct Answer: