BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Where sellers buy goods from suppliers
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Where retailers buy the right to sell a particular product from the Government.
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Where a franchise becomes a public limited company.
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Where customers and sellers come together to exchange products for money.
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Detailed explanation-1: -Physical Markets-Physical market is a set up where buyers can physically meet the sellers and purchase the desired merchandise from them in exchange of money. Shopping malls, department stores, retail stores are examples of physical markets.
Detailed explanation-2: -A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Markets can be physical like a retail outlet, or virtual like an e-retailer. Other examples include illegal markets, auction markets, and financial markets.
Detailed explanation-3: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly.
Detailed explanation-4: -Duopoly, a special case of an oligopoly with two firms.