The intermediary agent in the purchase and sale of any good is known as ?
Correct answer: B. Broker
- A. Dealer
- B. Broker
- C. Agent
- D. Commission agent
Explanation
A broker acts as an intermediary who brings buyers and sellers together, usually earning a commission without taking ownership of the goods. A dealer generally buys and resells goods on their own account.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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