Local retail store and new york stock exchange are known as formal markets.
What is a formal market?
Formal market is a type of market where sellers have fixed location. This means that formal sellers advertise their posted price and location in this type of market.
Formal market are organized market wherein sellers can publicly advertise their prices and locations.
Examples of formal market are :
Therefore, formal markets are markets such as the new york stock exchange and your local retail store.
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