State whether the following statement is true or false.

1. The term market is derived from the Latin word ‘Mercatus’.
Ans: True

2. The market may be defined as aggregate demand by potential buyers for a product or service.
Ans: True

3. The market for the commodities which are produced in one country and sold in other countries is known as the national market.
Ans: False

4. In the wholesale market, sellers are known as retailers and buyers are known as a wholesaler.
Ans: False

5. Regulated Market operates according to forces of demand and supply.
Ans: False