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Mr. Justin wanted to test his students' understanding of the 'nature of weekly markets from a seller's point of view'. Which of the following questions are suited to test this? i. Can a weekly market address all the needs of a family? Why or why not? ii. Compare and contrast the characteristics of a weekly market and a permanent shop. iii. Are you likely to find a well-known brand as part of a weekly market? Why or why not? iv. Can any seller increase their price a lot compared to other sellers in a weekly market? Why or why not?

Mr. Justin wanted to test his students' understanding of the 'nature of weekly markets from a seller's point of view'. Which of the following questions are suited to test this? i. Can a weekly market address all the needs of a family? Why or why not? ii. Compare and contrast the characteristics of a weekly market and a permanent shop. iii. Are you likely to find a well-known brand as part of a weekly market? Why or why not? iv. Can any seller increase their price a lot compared to other sellers in a weekly market? Why or why not? Correct Answer <span style="">ii, iii, iv</span>

A market is one of the busiest places in a society and is the place from where we get all are commodities and daily requirements. There are various things that constitute a market like hawkers stall, shopping complexes, shops, and malls.
Key Points: Nature of weekly market:

  •  The market held on a weekly basis are known as weekly markets and they do not have permanent shops.
  • The products here are cheaper because they do not have to incur expenses like wages of workers, or electricity.
  • These shop owners sell things at cheap prices and helped the members.
  • The major advantage of this market is that there is a huge variety of products.

The following questions test the ability of understanding of the 'nature of weekly markets from a seller's point of view':-

  • Compare and contrast the characteristics of a weekly market and a permanent shop.
  •  Are you likely to find a well-known brand as part of a weekly market? Why or why not?
  • Can any seller increase their price a lot compared to other sellers in a weekly market? Why or why not?

 Thus, it is concluded that Option 3 is correct.

Related Questions

A person starts from his home for collecting money from various shops A,B,C,D and E. After collecting money from shop A, he reaches shop B which is 12m to the west of shop A. Then he took a left turn to reach shop C which is 5m from shop B. Again he took two consecutive left turns, where he gets to go through the midpoint of shop A and shop B. Finally he reaches the shop E which is 3m North from the midpoint of shop A and shop B. What is the shortest distance between shop C and shop E?
Consider the following statements.
1. A profit maximising monopolist in different markets will adjust his sales in the two markets, so that his MR in each market just equals his MC.
2. A profit maximising monopolist in separate markets will not adjust his sales.
3. A profit maximising monopolist in separate markets will adjust his sales in the two markets, so that his MR in each market will greater than MC.
4. A profit maximising firm in separate markets will adjust his sales in each market so, that his MR is less than MC.
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In a survey of 100 students, it was found that 25 students have enrolled for Navy AA test series, 26 students have enrolled for NDA test series, 26 students have enrolled for Airforce group X test series, 9 students have enrolled for both Navy AA and Airforce group X test series, 11 students have enrolled for both Navy AA and NDA test series, 8 students have enrolled for both NDA and Airforce group X test series whereas 3 students have enrolled in all three test series. Find the number of students who have enrolled exactly in any two test series.
In a survey of 100 students, it was found that 25 students have enrolled for Navy AA test series, 26 students have enrolled for NDA test series, 26 students have enrolled for Airforce group X test series, 9 students have enrolled for both Navy AA and Airforce group X test series, 11 students have enrolled for both Navy AA and NDA test series, 8 students have enrolled for both NDA and Airforce group X test series whereas 3 students have enrolled in all three test series. Find the number of students who have enrolled in exactly one test series.
Out of the 100 nature lovers, 20 people wanted to see only bison, 30 wanted to see both bison and tiger, 15 wanted to see only leopard, 25 wanted to see only tiger, 5 wanted to see both bison and leopard and the remaining wanted to see only bear. How many people who wanted to see bison did not want to see leopard?
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