3. Under a free economy, prices are :
(a) Regulated.
(b) Determined through free interplay of demand and
supply.
(c) Partly regulated.
(d) None of these.
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Under a free economy, prices are determined through a free interplay of demand and supply (Option B).
Explanation:
- Prices are determined based upon the market forces of demand and supply during the free economy.
- Here, the laws of demand and supply set the prices of the goods and services freely, giving importance to capitalism.
- As it is based upon the laws of demand and supply, the government restrictions will be minimum here.
- Private property, Freedom of choice, Self-interest motivation, competition, are some of the other factors of a free economy.
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