Question

A market can accurately be described as _______.

• A. A place to buy things
• B. A place to sell things
• C. The process by which prices adjust to reconcile the allocation of resources
• D. A place where buyers and sellers meet

Answer 1

Answer: (C)

The process by which prices adjust to reconcile the allocation of resources

A market is one of the process where parties engage in exchange of goods and services. It can be said that a market is the process by which the prices of goods and services are established. The prices also get adjusted within the buyer and seller to get the optimal price of the product. Markets facilitate trade and enable the distribution and resource allocation in a society.