In economics, a market is defined as the convergence of ___ and ___.

Buyers and sellers

True or False: A market must be restricted to a specific geographic location.

False. A market is not limited to a physical location; it encompasses a broader area defined by demand and supply.

The market for mobile phones includes all the ___ and ___ in an economy.

Sellers and buyers

What type of market is characterized by immediate payment and no credit system?

Spot Market

Fill in the blank: The market that covers a wider area than local markets, such as a district, is called a ___ market.

Regional

What is the primary characteristic of an international market?

The demand for the product is global, and goods are traded internationally in bulk.

True or False: In a regulated market, government oversight is absent.

False. A regulated market has oversight by government authorities to prevent unfair trade practices.

What is required for a group to constitute a market?

There must be a group of buyers and sellers aware of the market dynamics, including demand, consumer preferences, and pricing.

Fill in the blank: The relationship between buyers and sellers in a market must be based on ___ relations.

Business

On the basis of time, which market allows for slight adjustments in supply?

Short Period Market

What is the significance of perfect competition in a market?

Perfect competition allows for only one price to prevail at any given time for goods and services.

Fill in the blank: Local markets typically sell ___ goods of daily use.

Perishable