Equilibrium price of an essential medicine is too high. Explain what possible step can be taken to bring down the equilibrium price but only through the market forces. Also, explain the series of changes that will occur in the market.
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- If the equilibrium price of an essential medicine is too high, then its price can be reduced by opting two ways:
- (i) Increase the supply of the commodity.
- (ii) Government should provide such essential medicines on. subsidised rates.
- But as per the question, option (i) would be most appropriate.
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Hey!
If the equilibrium price of an essential medicine is too high, then its price can be reduced by opting two ways:
(i) Increase the supply of the commodity.
(ii) Government should provide such essential medicines on. subsidised rates.
But as per the question, option (i) would be most appropriate.
If the equilibrium price of an essential medicine is too high, then its price can be reduced by opting two ways:
(i) Increase the supply of the commodity.
(ii) Government should provide such essential medicines on. subsidised rates.
But as per the question, option (i) would be most appropriate.
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