For most business enterprises a market is:

a. Geographical concept defined by the location of customers and competitors
b. All the above
c. A sociological concept that is defined mainly by convention and institutions
d. An abstract concept—from the point of view of competition it is a continuum from a firm’s closest competitor towards more distant competitors

The correct answer is letter "B": All the above.

Explanation:

Markets are the places where buyers and sellers meet to exchange goods for currencies. For enterprises, the definition tends to be more complex. Companies must take into account the geographical area where their goods are offered.

Under economic theory, markets are an abstract concept since they are born after ideas concluded from researching economic phenomena and also a sociological concept since the ideas concluded typically come from a sort of meeting or convention that has enough authority to rule the market definition.

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