A market is composed of potential customers who have which of the following?

• A. a legal obligation to purchase goods or services
• B. access to information about all products in the market
• C. the willingness and ability to buy a particular good or service
• D. the desire to buy but not necessarily the means to do so

Answer: (C)

Verified step by step guidance

1. Understand the concept of a market in microeconomics: A market consists of all potential buyers and sellers of a good or service.
2. Identify the key characteristics that define potential customers in a market. These customers must have both the willingness to buy and the ability (means) to pay for the good or service.
3. Recognize that having a legal obligation to purchase goods or services is not a requirement for being part of a market; customers choose to buy voluntarily.
4. Note that access to information about all products is ideal but not necessary for someone to be considered part of the market.
5. Distinguish between 'desire to buy' and 'willingness and ability to buy': only those who have both willingness and ability are counted as potential customers in the market.