Economics · May / June 2021 · Paper 11 · Question 5
2281The role of markets in allocating resources
What is an economist's definition of a market?
- Aa collection of informal retail outlets run by small firms
- Ba place where traders gather regularly for short periods
- Ca system that enables individuals and firms to buy and sell goods
- Dthe existence of consumer demand for a good
As printed in the paper
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Correct answer: C. a system that enables individuals and firms to buy and sell goods
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