Which of the Following Is Not a Required Characteristic of a Market

question 171

Multiple Choice

Which of the following is not a required characteristic of a market?

• A) A collection of economic agents (e.g., buyers and sellers)
• B) Trade or exchange of a good or service
• C) Rules and arrangements for trading
• D) Government setting the price of the good or service

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Definitions:

Vicariously Liable

A legal principle where one party is held responsible for the actions or omissions of another party, under certain conditions.

Motor Vehicle Accident

An unplanned event involving a motorized vehicle that results in damage or injury.

Local Merchant

An individual or business that sells goods or services within a particular local area or community.

Bargaining Unit

A group of employees with a clear and identifiable community of interests who are represented by a single labor union in bargaining and negotiations.