Economy

While guilds were indeed important economic entities in ancient India, they were not necessarily registered with the central authority of the state, nor was the king the chief administrative authority over them. Guilds operated largely autonomously and were governed by their own rules and regulations, although they often interacted with local authorities for various purposes. Hence, statement 1 is incorrect. Guilds played a significant role in regulating various aspects of economic activities, including setting wages, standards, and prices for goods and services produced by their members. They helped maintain quality control and standardized practices within their respective trades. Hence, statement 2 is correct. Guilds might have had some internal mechanisms for resolving disputes among their members, possibly involving arbitration or mediation. Thus, statement 3 is also correct.