For a market for a good or service to exist, there must be a
A)group of buyers and sellers.
B)specific time and place at which the good or service is traded.
C)high degree of organization present.
D)All of the above are correct.
Which of the following is an example of a market?
A)a gas station
B)a garage sale
C)a barber shop
D)All of the above are examples of markets.
The market for ice cream is a
B)highly competitive market.
C)highly organized market.
D)Both b) and c) are correct.
Most markets in the economy are
A)markets in which sellers, rather than buyers, control the price of the product.
B)markets in which buyers, rather than sellers, control the price of the product.