ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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traditional
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market
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mixed
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command
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Detailed explanation-1: -In a free market system, buyers and sellers interact in a market to set prices. When the market is characterized by perfect competition, many small companies sell identical products. The price is determined by supply and demand.
Detailed explanation-2: -The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly and pure monopoly.
Detailed explanation-3: -A competitive market system is one that has many buyers and sellers. This is a system where the supply and demand for goods and services largely determines what is produced, how it’s to be produced, how much is produced, how the output is to be distributed, and how the economy accommodates change.
Detailed explanation-4: -Singapore. Sweden. Hong Kong. The Netherlands. Taiwan. Finland. Norway. USA. More items •23-Aug-2022