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which of the following five scenarios illustrate markets in action? (i) you rent a book at the university bookstore. (ii) you bargain at a street stall. (iii) you mow your own lawn. (iv) you get a manicure at a nail salon. (v) you grow your own vegetables and consume them yourself. (i), (ii), and (iii) (iii) and (v) (i), (iii), and (v) (i), (ii), and (iv)

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Borrowing books at the university bookstore, haggling at the stalls, buying manicures at the nail salon, they all work at the market.

In open markets, prices are free to move in response to changes in supply and demand, redistributing resources to the most valuable uses. Market equilibrium, a state of equal supply and demand, results from predictable responses of buyers and sellers to price incentives.

Manufacturers, wholesalers, and retailers all sell and purchase goods on markets. Stores, malls, and the internet are a few examples of this. The phrase may also be used to describe a big group of people that buy products or services. Usually, market players engage in rivalry with one another.

To learn more about market

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