Functions of price mechanism
What are the various functions of price mechanism in a free market economy?
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Price mechanism is the point which equilibrates demand and supply within a market it is a mechanism of pricing the price mechanism is one which can allows the prices of goods and services to be decided by the interplay between demand and supply, there is no centralized price fixing.
The concept of price mechanism is that the free market when left to its own devices, will formulate fair prices of the goods or services on its own by the natural laws of supply and demand.
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The law of supply defines that there is a positive relationship among: (1) The Price and quantity supplied. (2) Technology and production. (3) Purchases and the accessibility of goods. (4) Supply and the demand it makes. Discover Q & A Leading Solution Library Avail More Than 1444869 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1925203 Asked 3,689 Active Tutors 1444869 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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