Maharashtra Board Class 12 Solutions for Economics Chapter 5 Forms of Market – Download Free PDF with Solution
Where do the buyers and sellers meet? Where does the exchange of commodities with money occur? It is the place called a market. There are different versions and definitions of the market in Economics. Class 12 Economics Chapter 5 explains what a market is and its different forms.
To understand the concepts of this chapter, refer to the Forms of Market Class 12 solutions prepared by the experts of Vedantu. These solutions have been compiled following the latest Maharashtra Board syllabus to cover all the concepts mentioned. You will get good assistance while studying this chapter and clarifying your doubts.
FAQs on Maharashtra Board Class 12 Solutions for Economics Chapter 5 Forms of Market
1. What is a local market?
A local market is defined as a place where people of the locality meet sellers to buy commodities.
2. What is an international market?
An international market is defined as a place irrespective of the borders of countries where buyers can meet sellers and exchange goods and services.
3. What is a virtual market?
The advent of digital platforms has given birth to virtual markets. These are digital platforms where buyers can meet sellers to exchange goods and services.
4. What is a monopoly?
When there is a single seller of a commodity in a market, it is called a monopoly.
5. What is oligopoly?
A market where there is limited competition due to the presence of multiple producers and sellers is called an oligopoly.