Answer: Option (b) is correct.
Explanation:
Correct option: Common market
It is an example of common market. It is the highest level of economic integration. There is a range of economic integration where preferential trade area is loosest form of economic integration and common market is at the highest level of economic integration.
In common market, member countries are agreed to remove and eliminate all the tariffs between them and there is free flow of goods, services, capital and other factor of production across the borders. Example of common market is European common market.
