A market:
a. reflects upsloping demand and downsloping supply curves.
b. entails the exchange of goods, but not services.
c. is an institution that brings together buyers and sellers.
d. always requires face-to-face contact between buyer and seller. 2. markets, viewed from the perspective of the supply and demand model:
a. assume many buyers and many sellers of a standardized product.
b. assume market power so that buyers and sellers bargain with one another.
c. do not exist in the real-world economy.
d. are approximated by markets in which a single seller determines price.