Question

In an economic sense, the market includes the following activities:

1. The place where goods are sold and purchased.
2. An arrangement through which buyers and sellers come in close contact with each other directly or indirectly.
3. A shop where goods are sold.
4. All of the above.

Options

• a and b

• b and c

• a, b and c

• only b

Answer 1

only b

Explanation:

A market is generally a place or locality where goods are sold and purchased. But, in economics, the market refers to an arrangement through which buyers and sellers come in contact with each other directly or indirectly and exchange goods and services.