Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Non Competitive markets

Question:
The term market means
Options:
A place for buyers and sellers to exchange a good or service
A place where buyers and sellers can’t bargain
System for exchange of goods which need not be physical
Both 1 and 3
Correct Answer:
Both 1 and 3
Explanation:
Market is a place where buyers and sellers meet to exchange goods and services for money. The market need not be a geographical location. It can be an online one too.