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Business Studies

Primary Markets

According to ...

Question

According to Marshall approach price is determined by __________.

A

interaction of buyers and sellers

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B

utility

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C

cost of production

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D

price of close substitute products

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Solution

The correct option is C interaction of buyers and sellers
Alfred Marshal was an English economist. According to him,price in the market is determined by the interaction of buyers and sellers . This process of determination of market price by the interaction between buyers and sellers is known as price mechanism /market mechanism.

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