In a market system, intermediaries in the exchange process are known as
A) producers.
B) consumers.
C) middlemen.
D) free agents.

Question

Quizplus · Accepted Answer

Middlemen refer to intermediaries in the exchange process in a market system. They play a crucial role in facilitating the exchange of goods or services between producers and consumers. Middlemen can be wholesalers, retailers, distributors, agents, or brokers. Their functions may include buying and selling, transporting and storing goods, marketing, advertising and promoting products, negotiating prices, and providing customer support. Without middlemen, the exchange process would be more complex, expensive, and inefficient, as producers and consumers would have to directly deal with each other, which may not always be practical or feasible.

In a Market System, Intermediaries in the Exchange Process Are