The term market in economics refers to
A) a group of buyers and sellers of a product and the arrangement by which they come together to trade.
B) a legal institution where exchange can take place.
C) an organization which sells goods and services.
D) a place where money changes hands.
Question 2
A demand curve shows the relationship between
A) the price of a produce and the demand for the product.
B) the quantity that consumers are willing and able to buy and the quantity that sellers are willing and able to offer.
C) the price of a product and the quantity of the product demanded.
D) the amount of a product sellers are willing to sell at a particular price and the amount consumers are willing to buy at that price.
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Essential Foundations of Economics Plus