Choose the correct option

1. In economic sense, market includes following activities :
a)The place where goods are sold and purchased.
b)An arrangement through which buyers and sellers come in close contact with each other directly or indirectly.
c)A shop where goods are sold.
d)All of the above.
1) a and b
2) b and c
3) a, b and c
4) only b
Ans:- 4) only b

2. Classification of markets on the basis of place
a) Local market, National market, International market
b) Very short period market, Local market, National market.
c) Short period market, National market, International market.
d) Local market, National market, Short period market.
Options :
1) a, b and c
2) b, c and d
3) only a
4) a and d
Ans:- 3) only a

3. Homogeneous products are a feature of this market.
a) Monopoly
b) Monopolistic competition
c) Perfect competition
d) Oligopoly
Options :
1) c and d
2) a, b and c
3) a, c and d
4) only c
Ans:- 4) only c

4. Under Perfect competition, sellers are
a) Price makers
b) Price takers
c) Price discriminators
d) None of these
1) a, b and c
2) only b
3) only c
4) a and c 
Ans:- 2) only b