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JAMB Economics 1987 Question 4

Question 4

Price Determination

Market is defined as

  1. A.one geographical location where people meet to buy and sell
  2. B.the demand and supply of goods and services
  3. C.a group of people whose sole interest is to make profit
  4. D.any organizational framework which links the buyers and sellers of a good or service.
Show the answer and explanation

Answer: D (any organizational framework which links the buyers and sellers of a good or service.)

Explanation

In economics a market need not be a physical place; it is any arrangement through which buyers and sellers deal with each other.