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Question
The nature of the market in barter system was __________.
The nature of the market in barter system was __________.
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Solution
The correct option is C limited
ANS. B
Barter System can
work when there exists ‘Double Coincidence of Wants’. Double Coincidence of Wants refers to the simultaneous
fulfillment of mutual wants of buyers and sellers. For example, want for
clothing by the farmer coincides with the want of weaver for wheat. However, it
is very difficult to find double coincidence of wants in real life. Therefore
the market for barter system was limited because of double coincidence of
wants.
ANS. B
Barter System can work when there exists ‘Double Coincidence of Wants’. Double Coincidence of Wants refers to the simultaneous fulfillment of mutual wants of buyers and sellers. For example, want for clothing by the farmer coincides with the want of weaver for wheat. However, it is very difficult to find double coincidence of wants in real life. Therefore the market for barter system was limited because of double coincidence of wants.
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