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Questions
Give classification of the market in detail on the basis of ‘Volume of Transaction’.
Explain the classification of market on the basis of volume of transaction.
Explain the types of market on the basis of volume of transaction.
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Solution
- Wholesale Market: In the wholesale market, the activity of buying and selling goods is undertaken in large quantities at lower prices. Goods are sold to retailers who then sell them to the consumers. It refers to the market for the bulk purchase and sale of goods. In such a market, sellers are known as wholesalers and buyers are known as retailers.
- Retail Market: This is the location where retailers sell small amounts of goods directly to customers.
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