andrew123124 andrew123124

Today at 1:49 AM
Law

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What role do you believe prices play in solving the economic problem in a modern society? How do prices accomplish this?

Answer :

kaylaaa063 kaylaaa063

Today at 1:54 AM

Answer:

Price acts as a signal for shortages and surpluses which help firms and consumers respond to changing market conditions. If a good is in shortage – price will tend to rise. Rising prices discourage demand, and encourage firms to try and increase supply.

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