In the sentence, "light" describes the noun "affair" and means not serious or of little importance. Therefore, "light" is functioning as an adjective.
It is not a light affair. Here 'light' is?
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Question context
This question is part of 🗣️ Verbal Ability within the broader 🧠 Aptitude Mastery subject and appears in the ETEA Educational Testing and Evaluation Agency preparation collection. Reviewing the answer together with nearby questions helps reinforce the underlying concept and identify how it may appear in competitive exams.