Final answer:
A market is an institution that brings together buyers and sellers of goods or services, allowing them to interact and engage in economic transactions. It can be a physical location or an online platform. In economics, a market is a system that allows interactions of buyers and sellers of goods and services, and it is characterized by the combination of demand and supply. Therefore, the correct option is d.
Step-by-step explanation:
A market is an institution that brings together buyers and sellers of goods or services, allowing them to interact and engage in economic transactions. It can be a physical location, such as a store or market square, or it can exist virtually through online platforms. In economics, a market is a system that allows interactions of buyers and sellers of goods and services, and it is characterized by the combination of demand and supply. In a market, buyers demand goods and services, indicating the quantity they are willing and able to buy at different prices. On the other hand, sellers supply goods and services, indicating the quantity they are willing and able to sell at different prices.
The interaction between buyers and sellers in a market leads to the determination of the equilibrium price, where the quantity demanded equals the quantity supplied. This price reflects the market clearing price at which all goods and services offered for sale are bought by willing buyers. For example, consider a market for smartphones. In this market, potential buyers determine the demand for smartphones based on their preferences, needs, and purchasing power. At the same time, potential sellers determine the supply of smartphones based on their production capacity and cost considerations. The equilibrium price in this market would be the price at which buyers are willing to purchase the same quantity of smartphones that sellers are willing to sell.