Question
If you tell me a price on something and I offer you a different price, this is an example of what kind of economy? Mixed Market Traditional Command
Answer
4.2
(318 Votes)
Mererid
Master · Tutor for 5 years
Answer
B
Explanation
The question asks about different types of economies. In a market economy, prices are generally not decided by the government but are set by market forces. According to the principles of demand and supply in competitive markets, buyers and sellers negotiate prices based on quantities demanded and supplied. When a buyer offers a different price than what the seller first mentioned, they are essentially bargaining and the resultant price depends on the mutual agreement between the two parties. This practice is often common in market economies.