Pricing Mechanism and Factors
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Questions and Answers

What is the main factor that influences prices in an economic system?

  • Technological advancements
  • Consumer preferences (correct)
  • Exchange rates
  • Government regulations

    • Which term refers to the mechanism that determines prices in an economic system?

  • Market equilibrium
  • Supply and demand (correct)
  • Gross domestic product
  • Inflation rate

    • Which of the following is NOT a determinant of prices in an economic system?

  • Production costs
  • Competition
  • Climate change (correct)
  • Government policies

    • Which term refers to the mechanism that determines prices in an economic system?

    <p>Supply and demand</p> Signup and view all the answers

    What are the main factors that influence prices in an economic system?

    <p>All of the above</p> Signup and view all the answers

    What is the relationship between supply and demand in determining prices?

    <p>Supply and demand directly determine prices</p> Signup and view all the answers

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