what is market mechanism?
Asked by saumyajoshi99
16th November 2015,
6:26 PM
Answered by Expert
Answer:
Hi Saumya,
Market mechanism is a method wherein the process of resource allocation and its related economic decisions are taken by the market mechanism. Economic decisions can be like which items needs to be produced, how much quantity of the item is to be produced, which methods need to be adopted for its production, which methods should be adopted to increase the production of the item, how should the item be distributed, etc.
Answered by Expert
16th November 2015,
6:51 PM
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