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Explain how price is determined in a free market situation

      

Explain how price is determined in a free market situation

  

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john
How price is determined in a free market situation.
- Prices are determined by the supply and demand forces
in the market.
- When price is high supply is high but the demand is
low. When the price is too low the supply is also low,
but the demand is high.
- When quantity demanded is equal to quantity supplied
then this is an equilibrium price. Thereā€˜s no
competition among supplier and consumers because
both parties are satisfied
john3 answered the question on December 14, 2017 at 07:54


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