How the price system influences what is produced and the production method? Explain
Answers
Answer:
Tells producers how much their product will cost to make. Encourages producers to supply more prices are high. More competitors means more choices available on the market. Wise use of resources and which products that consumers want.
Explanation:
The price system gives the ultimate decision to consumers as to what goods and services will be produced. Every time a consumer makes a purchase, it is like registering a vote in favour of the continuing production of that article.
in extra hours and telling the advantage of pricing also
The advantages of competitive pricing strategy
Low Price. The products or services you offer are lower than your competitors. ...
High Price. The prices of the products or services you offer are higher in comparison to your competitors. ...
Matched Price. The prices of the products or services match the price that's offered by your competitors.