Question

How price is determined in a market economy?




Plzzz giv me crrt ans​

Answer 1

The price of a product is determinedby the law of supply and demand. Consumers have a desire to acquire a product, and producers manufacture a supply to meet this demand. The equilibrium market price of a good is the price at which quantity supplied equals quantity demanded.

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Answer 2

♡⚘✮ʜᴇʏᴀ ᴍᴀᴛᴇ ʜᴇƦᴇ ɪֆ ʏᴏᴜƦ ᴀɴֆᴡᴇƦ :

→❈ ᴛʜᴇ ᴘʀɪᴄᴇ ғᴏʀ ᴀ ᴄᴏᴍᴍᴏᴅɪᴛʏ, ᴏʀ sᴇʀᴠɪᴄᴇ ɪs ᴅᴇᴛᴇʀᴍɪɴᴇᴅ ʙʏ ᴛʜᴇ ᴇǫᴜɪʟɪʙʀɪᴜᴍ ᴏғ ᴅᴇᴍᴀɴᴅ ᴀɴᴅ sᴜᴘᴘʟʏ. ɪғ ᴛʜᴇʀᴇ ɪs ᴍᴏʀᴇ ᴅᴇᴍᴀɴᴅ, ᴛʜᴀɴ sᴜᴘᴘʟʏ, ᴛʜᴇ ᴘʀɪᴄᴇs ᴡɪʟʟ ɢᴏ ᴜᴘ, ᴜɴᴛɪʟ ɴᴇᴡ ᴘʀᴏᴅᴜᴄᴇʀs ᴇɴᴛᴇʀ ᴛʜᴇ ᴍᴀʀᴋᴇᴛ, ᴏʀ ᴛʜᴇ sᴜᴘᴘʟʏ ʟᴇᴠᴇʟs ʀɪsᴇ ᴛᴏ ᴍᴇᴇᴛ ᴛʜᴇ ᴅᴇᴍᴀɴᴅ.

♡ ʜᴏᴘᴇ ɪᴛ ʜᴇʟᴘs ᴜʜ ᴘʟᴢ ᴍᴀƦᴋ ᴀs ʙƦᴀɪɴʟɪᴇsᴛ ♡