The Term "Market" Refers to

question 45

Multiple Choice

The term "market" refers to

• A) physical structures only.
• B) locations where buyers and sellers physically meet.
• C) any arrangement that enables buyers and sellers to get information and trade with one another.
• D) trading arrangements that have been approved by the government.

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Definitions:

Industry Expands

This phrase describes the process where the total output or the number of firms in a given industry increases due to factors such as innovation, increased demand, or favorable policies.

Long Run

A period in economic analysis where all factors of production are variable, allowing for complete industry adjustment.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period of time.