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Question (1)

QN0024382

What is meant by a market?

(A) A place where only goods are produced
(B) A place where people buy and sell goods and services
(C) A place where only factories are located
(D) A place where only money is stored

Correct Answer: B

Explanation:

A market is a place where people buy and sell goods and services.

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Question (2)

QN0024383

Which of the following is another name for a market mentioned in the chapter?

(A) Panchayat
(B) Warehouse
(C) Bazaar
(D) Factory

Correct Answer: C

Explanation:

Bazaar is another name for a market.

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Question (3)

QN0024384

Which of the following is TRUE about modern markets?

(A) Markets exist only at physical locations.
(B) Markets exist only in villages.
(C) Markets can be physical as well as online.
(D) Markets are meant only for businesses.

Correct Answer: C

Explanation:

Markets today function both physically and online.

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Question (4)

QN0024385

Which of the following is an essential feature of every market?

(A) Government ownership
(B) Buyers and sellers agreeing on a price
(C) Imported goods only
(D) Fixed prices everywhere

Correct Answer: B

Explanation:

A transaction is completed when both parties agree on a price.

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Question (5)

QN0024386

Price is the amount at which

(A) only the buyer is willing to buy.
(B) only the seller is willing to sell.
(C) both the buyer and seller agree to complete the transaction.
(D) the government fixes the cost.

Correct Answer: C

Explanation:

Price is mutually acceptable to both buyer and seller.

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Question (6)

QN0024387

A fruit seller fixes the price of apples at ₹150 per kg, but customers are willing to pay only ₹120 per kg. What is the most likely outcome?

(A) Buyers will immediately purchase the apples.
(B) The seller will reduce the quantity instead of the price.
(C) Buyer and seller may negotiate to reach an acceptable price.
(D) The government will immediately decide the price.

Correct Answer: C

Explanation:

Negotiation helps both sides arrive at a mutually acceptable price.

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Question (7)

QN0024388

A vegetable seller charges ₹100 per kg for tomatoes while nearby sellers charge ₹60 per kg for the same quality. What is most likely to happen?

(A) More customers will buy from him.
(B) Customers may prefer other sellers.
(C) Demand will automatically increase.
(D) The price will not affect buyers.

Correct Answer: B

Explanation:

Buyers generally prefer lower prices for similar goods.

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Question (8)

QN0024389

A shopkeeper sells notebooks for ₹8 each while every nearby shop sells them for ₹25 each. Which is the most likely result?

(A) The notebooks may be sold quickly.
(B) No one will buy the notebooks.
(C) Buyers will ask him to increase the price.
(D) Sales will remain unchanged.

Correct Answer: A

Explanation:

Lower prices generally attract more buyers.

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Question (9)

QN0024390

A guava seller initially charges ₹80 per kg but later reduces the price to ₹45 per kg after observing customers. What is the seller mainly trying to do?

(A) Increase transport cost.
(B) Match buyers' willingness to pay.
(C) Reduce quality.
(D) Avoid selling the guavas.

Correct Answer: B

Explanation:

Sellers adjust prices based on buyers' demand.

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Question (10)

QN0024391

At the end of a weekly market, a vegetable seller still has many unsold vegetables. What is the most practical decision?

(A) Increase the price.
(B) Lower the price to sell the remaining stock.
(C) Stop selling immediately.
(D) Keep the vegetables for several weeks.

Correct Answer: B

Explanation:

Perishable goods are often sold at lower prices before the market closes.

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Question (1)

What is meant by a market?

Explanation:

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Question (2)

Which of the following is another name for a market mentioned in the chapter?

Explanation:

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Question (3)

Which of the following is TRUE about modern markets?

Explanation:

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Question (4)

Which of the following is an essential feature of every market?

Explanation:

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Question (5)

Price is the amount at which

Explanation:

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Question (6)

A fruit seller fixes the price of apples at ₹150 per kg, but customers are willing to pay only ₹120 per kg. What is the most likely outcome?

Explanation:

Link:

Question (7)

A vegetable seller charges ₹100 per kg for tomatoes while nearby sellers charge ₹60 per kg for the same quality. What is most likely to happen?

Explanation:

Link:

Question (8)

A shopkeeper sells notebooks for ₹8 each while every nearby shop sells them for ₹25 each. Which is the most likely result?

Explanation:

Link:

Question (9)

A guava seller initially charges ₹80 per kg but later reduces the price to ₹45 per kg after observing customers. What is the seller mainly trying to do?

Explanation:

Link:

Question (10)

At the end of a weekly market, a vegetable seller still has many unsold vegetables. What is the most practical decision?

Explanation:

Link:

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