Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell your system. Your market role was as a:
A)consumer in both markets.
B)consumer at the electronics store and a seller on e-Bay.
C)consumer at the electronics store; the e-Bay transaction did not occur in a market.
D)seller in both markets.

Question

Quizplus · Accepted Answer

A market for any good consists of all buyers and sellers of that good. In the first transaction, you were a buyer, but on e-Bay you were a seller.

Suppose You Camped Out in Front of an Electronics Store