ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Any structure that allows buyers and sellers to exchange goods, services and information
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Any mechanism that facilitates the interaction of buyers and sellers with a view to the purchase and sale of good or service
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The amount of persons/firms who provide a product for sale
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All persons who are willing and able to purchase a particular goods or service
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Detailed explanation-1: -The correct answer is b. In the United States, a sick person cannot legally purchase a kidney. When the purchase of a good is banned, there is no market. Even if there is just one seller, there is a market.
Detailed explanation-2: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.
Detailed explanation-3: -Marketing is defined as both “the process or technique of promoting, selling, and distributing a product or service, ” and “an aggregate of functions involved in moving goods from producer to consumer."
Detailed explanation-4: -market, a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions.