Question

What is Market?

• A. An institution
• B. A community
• C. A committee
• D. A group

Hint:

A market is more than a physical place; it is an organized institution for exchange of goods and services.

Answer 1

The Correct Option is A

Step 1: Definition of market.
In economics and sociology, a market is not only a place of exchange but also a structured institution where buyers and sellers interact.

Step 2: Explanation.
It is considered an institution because it organizes trade, regulates interactions, and provides norms for transactions, rather than simply being a random group of people.

Step 3: Conclusion.
Therefore, the correct answer is (A) An institution.

Final Answer: \[ \boxed{\text{An institution}} \]