Multiple choice

Which of the following is best suited to define the term MARKET?

  1. A place of exchange

  2. A place where exchange of goods takes place

  3. It is an arrangement that provides an opportunity of exchanging goods and services for money or money's worth.

  4. a and b

  5. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A market is defined broadly as an arrangement or mechanism that facilitates the exchange of goods and services between buyers and sellers, not just a physical location.

Keep practicing — related questions