If All Sellers and All Buyers Face the Same Price

question 67

Multiple Choice

If all sellers and all buyers face the same price during an exchange,it is referred to as the ________.

• A) mark-up price
• B) market price
• C) discounted price
• D) cost price

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Definitions:

Markets for Goods

Platforms or venues where goods and services are exchanged between buyers and sellers, determining the prices through the laws of supply and demand.

Households

Units consisting of one or more people living in the same dwelling and sharing meals or living accommodation; they can also be considered as basic units in society for consumption, production, and decision-making.

Firms

Business organizations, such as corporations or partnerships, engaged in commercial, industrial, or professional activities.

Markets for Goods

Platforms or mediums where goods and services are exchanged between buyers and sellers.