Markets, Viewed from the Perspective of the Supply and Demand

question 339

Multiple Choice

Markets, viewed from the perspective of the supply and demand model,

• A) assume many buyers and many sellers of a standardized product.
• B) assume market power so that buyers and sellers bargain with one another.
• C) do not exist in the real-world economy.
• D) are approximated by markets in which a single seller determines price.