Markets are:

a. specific geographic locations.
b. hypothetical constructs used to analyze how people form their tastes and preferences.
c. a mechanism through which prices of goods and services are determined by the forces of supply and demand.
d. places where people can inspect goods and services carefully.

The correct answer is letter "C": a mechanism through which prices of goods and services are determined by the forces of supply and demand.

Explanation:

A Market is a physical or virtual location where goods and services are bought and sold. In markets, participants make their transactions with a currency they know and accept that facilitates their operations. Those participants command the levels of supply and demand of the products of interest and their price with the regulations of the central government to ensure fair trading.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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