In the traditional sense, the term ‘market’ is used on different bases. Three of the following are named on the same basis. Which one is named on a different basis?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Retail market
Option (1) Cotton market — Named after the product. A cotton market is a product market. It is named after the product bought and sold there.
Option (2) Gold market — Named after the product. A gold market is also a product market, named after gold.
Option (3) Share market — Named after the product. A share market is a product market too, named after the shares traded in it.
Option (4) Retail market — Named after the quantity. A retail market is named after the quantity of goods transacted. Goods change hands in small lots there. The wholesale market is named on the same basis.
Note: The four ways of naming a market sit in one sentence of a small box. Slow down on such boxes, because one line there can carry a full question.
NCERT (2026-27 Edition):
|
