State whether the following statement is true or false.
1. The term market is derived from the Latin word ‘Mercatus’.
2. The market may be defined as aggregate demand by potential buyers for a product or service.
3. The market for the commodities which are produced in one country and sold in other countries is known as the national market.
4. In the wholesale market, sellers are known as retailers and buyers are known as a wholesaler.
5. Regulated Market operates according to forces of demand and supply.