Why is it important that prices are flexible in our economy?

Exsimple why it is vital that prices are versatile in our economy? What are the effects if the federal government started to regulate prices for products, how would this influence buying?


Price is the full amount or cost of a certain product or business. Price normally contains the product expense and the profit margin of the seller. Price is figured out by specific forces in the sector in which demand also is the a lot of affecting element.

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Answer and also Explanation:

1. Prices in the industry are determined by the supply and demand also of a particular product. The versatility of price in the economy is important due to...

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