Asked by Madison Davis on Feb 18, 2024
Verified
Which of the following is true of what makes up a market?
A) It includes both supply and demand,and it can be a physical or virtual location.
B) It includes both supply and demand,but cannot be defined by space.
C) It must have both customers and consumers.
D) It must have customers,but not necessarily consumers,and it is defined by the presence of demand but not necessarily supply.
- Understanding the components of a market, including supply and demand.
- Recognizing that a market can exist in both physical and virtual locations.
- Understanding that a market can be defined by the presence of both customers and consumers.
Verified Answer
JH
Jasmin HerreraFeb 18, 2024
Final Answer :
A
Explanation :
A market is defined as the interaction between buyers and sellers that results in the exchange of goods or services. This interaction includes both supply (sellers offering goods or services) and demand (buyers seeking goods or services). A market can be a physical location (such as a farmer's market) or a virtual one (such as an online marketplace).
Learning Objectives
- Understanding the components of a market, including supply and demand.
- Recognizing that a market can exist in both physical and virtual locations.
- Understanding that a market can be defined by the presence of both customers and consumers.