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

Question

Bradyn Lloyd

Business

27 June, 08:07

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

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Answers (1)

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Arabella Wilcox · Answer 1

c. is an institution that brings together buyers and sellers.

Explanation:

A market: is an institution that brings together buyers and sellers.

In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services, with or without money, is a transaction.

Furthermore it can be said to be any place where sellers of particular goods or services can meet with buyers of those goods and services by creating the potential for a transaction to take place.