Give an example of market that you buy or work in. How does the market work? How many buyers are there? How many sellers? Is there a middleman in this market? What is the role of the middleman? How is the middleman lowering the transaction costs for the buyers and the sellers?What is the product that is being sold? How are the prices set in the market? How is the quality/service set? Are there innovations here, how do they happen? Pick one Market – either a product market or a Labor Market that you can talk about. Be specific on the above questions about your market.
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