A set of arrangements where economic agents can freely exchange their endowments or products with each other. Such an economy is defined as? Option 1: Centrally Planned Economy. Option 2: Closed Economy. Option 3: Market Economy. Option 4: Socialist Economy.

The answer is 'Market Economy.'. View full solution:

CUET Economics - A set of arrangements where economic agents can freely exchange their endowments or products with each other. Such an economy is defined as? | PYQs + Solutions

CUET Economics 2025 3 June Shift 2

Micro

Easy

Centrally Planned Economy.

Closed Economy.

Market Economy.

Socialist Economy.

✅ Correct Option: 3