Free market is
A. a condition in the international market where nations do not impose customs duty or other taxes on import of goods
B. market where the price of a commodity is determined by free play of the forces of supply and demand
C. ports that are exempted from payment of customs duty on articles of commerce, primarily to encourage tourism
D. None of the above
Answer: Option B
Solution(By Examveda Team)
Free market is market where the price of a commodity is determined by free play of the forces of supply and demand. The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment.This Question Belongs to General Knowledge >> Basic General Knowledge
Join The Discussion
Comments ( 1 )
Who amongst the following had called Rabindranath Tagore as THE GREAT SENTINEL?
A. Abul Kalam Azad
B. Mahatma Gandhi
C. Dr. Rajendra Prasad
D. Subhash Chandra Bose
Grand Central Terminal, Park Avenue, New York is the world's
A. highest railway station
B. longest railway station
C. largest railway station
D. None of the above
Entomology is the science that studies
A. The origin and history of technical and scientific terms
B. Behavior of human beings
C. Insects
D. The formation of rocks
E. None of these
Eritrea, which became the 182nd member of the UN in 1993, is in the continent of
A. Africa
B. Australia
C. Europe
D. Asia
E. None of these
Free play of forces means?