|Which of the following statements is/are true about guilds as they existed in early medieval India|
|1. The guilds had normally an elected chief.|
|2. The guilds framed their own rules.|
|Select the correct answer using the codes given below.|
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: C
Solution :[c] The guilds were voluntary associations of merchants dealing in the some type of commodity such as grains, textiles, horses etc. They were formed by both local as well as itinerant merchants. The guilds framed their own rules and regulations regarding the membership and the Code of Conduct. The Chief of the guild was elected by its members. He performed the functions of a Magistrate in deciding the economic affairs of the guild.
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