Question

The term market refers to a:

• A. place where buyer and seller bargain product or service for a price
• B. place where buyer does not bargain
• C. place where seller does-not bargain
• D. none of the above

Answer 1

The correct option is A place where buyer and seller bargain product or service for a price

A market is any place where people come together to buy or sell commodities and services. The buyer in market bargains with the seller on the purchase price and also the seller may offer discounts for selling the goods.

The market price of a commodity or service is also governed by demand and supply. The market need not necessarily be a space or a physical set up. It can also be virtual such as online shopping portals.

Thus, option A is correct.