An area in which buyers and sellers of particular goods are in contact with one another is called:

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markets

Cooperative stores

Grocery shops

None of the above

answer is A.

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Detailed Solution

An area in which buyers and sellers of particular goods are in contact with one another is called markets.
The term ' market ' in the wider sense means an area in which buyers. And sellers of particular goods are in contact with one another. It is such a centre that provides a place where a group of consumers - individuals, businessmen, or governments - buy the product of their choice and needs. For example, if one needs rice, they won't go to the shoe market. Instead, they would visit the rice market. They would select the rice according to their choice and capacity to pay the price. Here, price is the amount of money one has to pay for a commodity or service one gets. The price of a commodity is determined by demand and supply. Here, demand refers to the willingness of a consumer to buy a particular commodity at a particular period. Hence, a market involves multiple activities at the same time.

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