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24 December, 15:58

For a market for a good or service to exist, there must be a

a) group of buyers and sellers.

b) specific time and place at which the good or service is traded.

c) high degree of organization present.

d) All of the above are correct.

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Answers (1)
  1. 24 December, 19:10
    0
    Answer: Group of buyers and sellers

    Explanation: A market refers to a place where the transactions of selling and purchasing takes place. In a market the person having a commodity willing to sell that, can meet with a number of prospective buyers and choose the one who best suits him.

    It is a gathering of people having the resources that can satisfy each others wants. It is not mandatory to have a particular physical place but it necessary for a market to have participants in the form of buyer and seller to exist.

    Hence the correct option is A.
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