8.    A market consists of:

a)    a group of potential customers with similar needs who are willing to exchange something of value.
Since a market implies that exchanges are taking place, having only customers will not be enough.

b)    various kinds of products with similar characteristics.
Again, the notion of exchange is important, therefore products by themselves cannot be considered a market.

c)    sellers offering substitute ways of satisfying needs.
The other side of the equation from a. If there are no buyers for the products offered by sellers, there will be no exchange.

d)    all the firms within a particular industry.
Those are competitors, not the market.

e)    both a) and c).
A market only exists if there are both buyers and sellers.

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