absence of price mechanism is the characteristic feauture of the _
Answers
Answer:
capitalist economy
Explanation:
Price mechanism means that the market forces i.e. demand supply determine the prices of goods and services freely. As we know under capitalist economy the prices are determined by the market forces only where we also mean that its the buyers and sellers who decide the prices of goods. Hence it's a feature of capitalist economy.
Answer:
What are the characteristics of price mechanism?
What are the characteristics of price mechanism?characteristics. … system is known as the price mechanism and is based on the principle that only by allowing prices to move freely will the supply of any given commodity match demand. If supply is excessive, prices will be low and production will be reduced; this will cause prices to rise until…
Explanation:
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