WAEC Economics 2013 Objective — Question 2
Question 2 of 50 from the West African Examinations Council (WAEC) Economics 2013 Objective paper, with the correct answer and a full explanation.
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In Economics, a market is defined as any
- A. agreement made for consumers to buy all they need
- B. agreement to sell commodities at low prices
- C. arrangement made for producers to sell all their goods
- D. arrangement made whereby the buyers and sellers are in contactCorrect
Explanation
Any arrangement that brings buyers and sellers into contact is called a market. It is not limited to a geographical location.
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