Rayshawn Morris: When economists describe “a market,” they mean?
When economists describe “a market,” they mean:
a. A place where stocks and bonds are traded
b. Information networks that allow individuals to keep in touch with each other
c. A hypothetical place where the production of goods and services takes place
d. A mechanism which coordinates actions of consumers and producers to establish equilibrium prices and quantities
Answers and Views:
Answer by Anjaree
The answer is D.
“Market” is a mechanism which coordinates the actions of consumers and producers to establish equilibrium prices and quantities.
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