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Which one of the following is NOT listed as an element of a market?
ABuyers and sellers
BBargaining for a price
CKnowledge about market conditions
DA fixed physical location
Answer & Solution
Correct answer: D. A fixed physical location
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_
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