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Durable goods and industrial items exist in
  • a)
    local market
  • b)
    regional market
  • c)
    national market
  • d)
    secular market
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Durable goods and industrial items exist ina)local marketb)regional ma...
Durable goods and industrial items are products that are designed to last for a long time and are usually used in the production of other goods or in industrial processes. These items are typically purchased by businesses rather than individual consumers. When it comes to the market for durable goods and industrial items, they primarily exist in the national market, which is option C in this case.

Here's an explanation of why the correct answer is option C:

1. Definition of durable goods and industrial items:
- Durable goods: These are products that have a long lifespan and are not consumed immediately after purchase. Examples include machinery, vehicles, furniture, and appliances.
- Industrial items: These are goods that are used in the production or manufacturing process. Examples include raw materials, components, and equipment.

2. Local market:
- The local market refers to a specific geographical area, such as a city or town.
- Durable goods and industrial items may be available in the local market to a certain extent, but the range of options and availability may be limited.
- Local businesses may source some of their durable goods and industrial items from nearby suppliers, but they may also need to look beyond the local market for a wider selection.

3. Regional market:
- The regional market refers to a larger geographical area, such as a state or province.
- While the regional market may offer more options and suppliers compared to the local market, it may still not be sufficient for businesses' needs when it comes to durable goods and industrial items.
- Businesses operating in the region may need to source these items from suppliers in other regions to meet their requirements.

4. National market:
- The national market encompasses the entire country or nation.
- This is where a wide range of suppliers, manufacturers, and distributors exist for durable goods and industrial items.
- Businesses can access a larger pool of options, compare prices, and choose the most suitable suppliers for their needs.
- The national market provides economies of scale, allowing businesses to benefit from lower costs and greater efficiency.

In conclusion, durable goods and industrial items primarily exist in the national market. While they may be available to some extent in the local and regional markets, the national market offers a wider range of options and suppliers for businesses to choose from.
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Similar CA Foundation Doubts

Features of a Mixed Economy:A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It incorporates features of both private enterprise and government intervention. The correct answer is D, as all of the following features are characteristic of a mixed economy:1. Planned economy:A mixed economy includes elements of a planned economy, where the government plays a role in guiding and regulating economic activities. It formulates economic plans and policies to ensure the efficient allocation of resources and to promote economic stability.2. Dual system of pricing:In a mixed economy, there exists a dual system of pricing, which means that both market prices and government-set prices coexist. While market forces determine prices for most goods and services, the government may intervene to regulate prices in certain sectors to protect consumers or promote social welfare.3. Balanced regional development:Another characteristic of a mixed economy is the emphasis on balanced regional development. The government intervenes to ensure that economic growth and development are not concentrated in specific regions or industries but are spread across different regions and sectors. This helps to reduce regional disparities and promote overall economic stability and social welfare.Benefits of a Mixed Economy:A mixed economy offers several benefits due to its combination of market forces and government intervention. Some of these benefits include:1. Economic efficiency:By incorporating market mechanisms, a mixed economy allows for resource allocation based on supply and demand, which promotes economic efficiency. Market forces encourage competition, innovation, and productivity, leading to higher levels of economic growth.2. Social welfare:Government intervention in a mixed economy enables the provision of public goods and services that may not be adequately provided by the market alone. This includes areas such as healthcare, education, infrastructure, and social security, ensuring a certain level of social welfare and equity.3. Stability and regulation:The government's role in a mixed economy helps to maintain economic stability through macroeconomic policies such as fiscal and monetary measures. It also regulates certain sectors to prevent market failures, protect consumer rights, and ensure fair competition.Conclusion:A mixed economy combines the advantages of both market forces and government intervention. It allows for economic efficiency, social welfare, and stability. The features of a mixed economy include elements of a planned economy, a dual system of pricing, and balanced regional development. These features work together to create a system that promotes both economic growth and social welfare.

Durable goods and industrial items exist ina)local marketb)regional marketc)national marketd)secular marketCorrect answer is option 'C'. Can you explain this answer?
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