Which one of the following is NOT listed as an element of a market?

1. The listed elements are buyers and sellers, a product or service, bargaining for a price, knowledge about market conditions, and one price at a given time. 2. A market need not be formal or held in a particular place, so a fixed physical location is not required. 3. Option D therefore is not an element. _Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 4 Unit I "Meaning and Types of Markets", p.2_