Economist's Definition of a Market

Steps:

• Recall that economists define markets broadly as mechanisms for exchange, not limited to physical locations.
• Examine each choice: A describes physical shops, B implies temporary gatherings, C covers exchange systems, D focuses only on demand.
• Eliminate A, B, and D as they are too narrow or incomplete.
• Confirm C matches the standard economic definition of a market as a buying-and-selling arrangement.

Why C is correct:

• Economists define a market as a system facilitating the exchange of goods and services between buyers and sellers, as in microeconomic theory.

Why the others are wrong:

• A: Limits markets to informal retail, ignoring online or abstract exchanges.
• B: Refers to physical trader meetings like bazaars, not the full economic concept.
• D: Describes demand alone, omitting the supply and exchange elements.

Final answer: C