Question

A market:A. reflects upsloping demand and downsloping supply curves.B. entails the exchange of goods, but not services.C. is an institution that brings together buyers and sellers.D. always requires face-to-face contact between buyer and seller.

Answer 1

Answer: Option(c) is correct.

Explanation:

A market refers to a term or institution in which various buyers and sellers of a particular good interact with each other to perform certain transactions. In a market, there is a buying and selling of goods and services between the consumers and sellers and price is determined by the market forces. Examples of market; Automobile market, fruit market, vegetables market, wood market, etc.