What is the definition of a local market?

I - It is established in a certain locality.
II - It covers several localities integrated into a geographical or economic region.
III - It covers the entire national territory for the exchange of goods and services.
IV - It is the set of international commercial transactions between countries.
a) Only I is correct.
b) Only II is correct.
c) Only III is correct.
d) I and II are correct.