Which statement about markets is true?
A) buyers compete with sellers
B) buyers cooperate with other buyers
C) buyers compete with other buyers
D) sellers cooperate with other sellers
E) sellers compete with buyers

Question

Quizplus · Accepted Answer

Markets are characterized by competition between buyers and sellers, as they negotiate prices and terms for goods and services. While buyers may cooperate in certain situations, ultimately they are competing with each other for the best deals. Likewise, while sellers may occasionally cooperate, they are primarily competing with each other to sell their products or services to buyers. Option A and E are incorrect as they combine two opposing groups as competitors. Option B and D are incorrect as they do not accurately describe the nature of competition in markets.

Which Statement About Markets Is True