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Question
Explain types of the market on the basis of the area covered.
Solution
Types of the market on the basis of the area covered are as follows:
- local Market: The market for the commodities which are sold within local geographical limits of a region is known as a local market.
- National Market: The market for the commodities which are sold within the country is known as the national market.
- International Market: The market for the commodities which are produced in one country and sold in other countries is known as the international market.
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