Which of the Following Statements About a Market Is True

question 24

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) All of the above
• E) None of the above

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Price

The amount of money that must be paid to acquire a good or service.

Coefficient Of Determination

A statistical measure, represented as R-squared, that shows the proportion of variance for a dependent variable that's predicted by an independent variable(s).

Correlation

A statistical measure that describes the extent to which two variables change together, but does not necessarily imply causation.