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Q.

Which of the following is a retail type of market?

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a

Weekly market

b

Shops in the neighbourhood

c

Both 1 & 2

d

None of these

answer is C.

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Detailed Solution

A retail type of market is a Weekly market and Shops in the neighbourhood.
This industry aims to cater to a wide range of consumer tastes. The retail market is where goods are sold to customers directly. Customers are allowed to choose whatever they want here. The primary purpose of this market is to make customers happy. Pricing is determined by the demand for a specific item and its availability at a given time. The three retail markets include weekly markets, neighbourhood stores, and shopping malls. The retail markets cater to ordinary consumers rather than wholesale businesses.

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