Maharashtra Board Class 12 Solutions for Economics Chapter 5 Forms of Market – Download Free PDF with Solution
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.