1.
Which of the following is/are an essential feature of the market
(a) Buyers
(b) Sellers
(c) Price
(d) All the three
Answers
Answer:
(d) all three
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Answer:
The correct option is (d) All the three
Concept:
The word "market" typically refers to a specific location where items are bought and sold. However, the term "market" is used broadly in economics. In the field of economics, the word "market" refers to the entire region in which buyers and sellers of a certain good are dispersed.
Explanation:
This is so that agents and samples can be used to help with the sale and acquisition of items in the modern-day. As a result, a given commodity's buyers and sellers are dispersed over a wide area. Commodity transactions can also be carried out over the phone, internet, telegraph, and other means. Therefore, the term "market" in economics refers to the entire territory in which things are bought and sold rather than a specific market place. In these transactions, a commodity's price is the same across the board.
A market's fundamental characteristics are:
(1) A Region: In economics, a market refers to the entire area where vendors and buyers of a product are spread out rather than a specific location. Modern transportation and communication methods have greatly expanded the market for a given good.
(2) One Commodity: In economics, a market is associated with a specific product rather than a geographic location.
Consequently, there are distinct markets for different goods. For instance, there are distinct markets for goods like clothing, food, jewelry, etc.
(3) Buyers and Sellers: The sale and purchase of a product in the market depend on the presence of buyers and sellers. Since they can conduct business through letters, telephone calls, business representatives, the internet, etc., buyers and sellers no longer need to physically be present in the market.
(4) Unrestricted Contest:
In the market, there should be unrestricted rivalry between buyers and sellers. This battle between buyers and sellers is related to how much to charge for a product.
(5) One Cost:
Due to open rivalry between buyers and sellers, market prices are always the same.
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