In a Marketing Context, a Market Refers to

question 103

Multiple Choice

In a marketing context, a market refers to

• A) people with a similar want for a particular product or service.
• B) people with both the desire and ability to buy a specific offering.
• C) the central location for all buying and selling of products and services.
• D) an open space or covered building where vendors convene to sell their offerings.
• E) the free operation of supply and demand.

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Definitions:

Inelastic

A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance each other.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded.