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Exploring Economics 7th Edition

Exploring Economics (7th Edition)

Book Edition7th Edition
PublisherCengage Learning
Section 4.1: Markets
In Text Question
Section 4.4: Supply
Section 4.5: Shifts in the Supply Curve
In Text Question
Section 4.6: Market Equilibrium Price and Quantity
Chapter 4, Section 4.1, In Text Question, Exercise 01
Page 97

Do markets have to be physical places?


Markets can be physical or virtual.Due to technological advancements and globalization of markets,a buyer and seller do not have to physically interact for a transaction to take place.We even have stores that strictly operate online and the ability to make safe and secure payments has really made it easy for the virtual markets to thrive.


No.Markets can be physical or virtual like in an online market where there is no direct physical contact between the buyers and sellers.

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