Which of the Following Statements About a Market Is True

question 18

Multiple Choice

Which of the following statements about a market is true?

• A) It is not necessary for the market to have a physical location.
• B) The market does not necessarily own the goods or services involved.
• C) A market can deal in any variety of goods and services.
• D) Both buyers and sellers benefit from the existence of a market.
• E) All of these are correct.

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Definitions:

Separate Business Organization

A separate business organization is an entity that operates independently from other entities or personal affairs of its owners, having its legal rights and obligations.

Sole Proprietorship

A business structure where a single individual owns, operates, and is responsible for all aspects of the business.

Pre-Owned Auto

A previously owned vehicle that is sold in the automotive market, typically having one or more prior owners before the current transaction.

Good Faith

Good faith denotes honesty or sincerity of intention in fulfilling one's obligations or transacting business.