passwella.
Menu

WAEC Economics 2013 Question 2

Question 2

Market Structures

In Economics, a market is defined as any

  1. A.agreement made for consumers to buy all they need.
  2. B.agreement to sell commodities at low prices.
  3. C.arrangement made for producers to sell all their goods.
  4. D.arrangement whereby the buyers and sellers are in contact.
Show the answer and explanation

Answer: D (arrangement whereby the buyers and sellers are in contact.)

Explanation

A market is any arrangement that brings buyers and sellers into contact; it need not be a place.