Question

True/ False A market is a group of people who, as individuals, have needs for products in a product class and have the ability, willingness, and authority to purchase such products.

Answer 1

The statement is true, as a market comprises individuals with the need, ability, and readiness to buy products, which is central to market economy dynamics.

Step-by-step explanation:

The statement is True: A market is a group of people who, as individuals, have needs for products in a product class and have the ability, willingness, and authority to purchase such products. In a market economy, markets are important institutions for facilitating the interaction between potential buyers and sellers, a combination of demand and supply. Markets allow for the allocation of scarce resources through decentralized decision-making and are considered flexible in adapting to the needs and wants of society.