A market is aa.group of demanders and suppliers of a particular good or service.b.group of people with common desires.c.place where only buyers come together.d.place where only sellers meet.
Question
A market is aa.group of demanders and suppliers of a particular good or service.b.group of people with common desires.c.place where only buyers come together.d.place where only sellers meet.
Solution
The correct answer is a. A market is a group of demanders and suppliers of a particular good or service. This definition encompasses both the buyers (demanders) and sellers (suppliers) of a specific product or service. They interact with each other to determine the price and quantity of the good or service exchanged. This interaction can take place in a physical location or a virtual platform. Therefore, options b, c, and d are not accurate definitions of a market.
Similar Questions
What do you understand when you hear the term “MARKET”?Question 10Answera.Place to buy somethingb.People who will purchase your product/service.c.Costco/Freshco/Walmart are marketsd.SUPERMARKET
Market involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action.
The _____ market consists of people who buy for themselves, their households, friends, coworkers, or other non-business-related purposes.Group of answer choicesC2BP2PB2GB2C
A _____ market is a small and narrowly defined market that is not being served by mainstream product or service marketers.Group of answer choicestraditionalconventionalnichemature
A ……………….. market can describe any area where people are free to trade goods. single market doubled- market Multi-market
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.