Question

7. The market system is best defined as Select one: a. the places in which retail...

7. The market system is best defined as Select one:

a. the places in which retail transactions take place.

b. the physical locations in which wholesale transactions occur.

c. the resource base of a society.

d. the means by which buyer-seller exchanges are made.

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Answer #2

ANSWER- OPTION (D)

The market system is the place where buyer and seller exchanges are made. It acts as a platform for the interaction to take place between the buyer and the seller and they both decide to sell or purchase each others products in consideration for money for the decided exchange standard. The market system also provides the facilities for the smooth and convenient conversation between the seller and the buyer so that the sales and purchases can be made efficiently. All the direct and indirect forces act together to make the smooth sale.

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