Unit 2: Theories of Demand and Supply: Unit Introduction

Question 1

_ is a place, condition, or mechanism, which brings together both buyers (demanders) and sellers (suppliers) in order to exchange their goods and services.

Answer 1

Market

Question 2

All situations which link potential buyers with potential sellers are _.

Answer 2

markets

Question 3

_ means the system in which sellers and buyers of a commodity interact to settle its price and the quantity to be bought and sold.

Answer 3

Market