In a free market system, market prices are determined by (choose all that apply.) a. government. b. suppliers only c. competition. d. self-interest.

QUESTION POSTED AT 29/05/2020 - 02:05 PM

Answered by admin AT 29/05/2020 - 02:05 PM

In a free market system, market prices are determined by:
- Competition
- Self-Interest
- Government

Competition will affect how the producers sell their product to obtain the maximum amount of customers The more competition usually lead to lower price.
Self-interest will determine the interest for a certain product in the market. The more people interested in a product, the higher the price would be.
Government will influence product's price thorugh taxation
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