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Question
In a free market economy , when consumers increase their purchase of a good and the level of _____ exceeds _____ then prices tend to rise.
In a free market economy , when consumers increase their purchase of a good and the level of _____ exceeds _____ then prices tend to rise.
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Solution
The correct option is A demand; supply
In a free market economy, price will be determined with the help of market forces of demand and supply. When consumers increase their purchases, the level of demand exceeds supply, then prices tend to rise.
In a free market economy, price will be determined with the help of market forces of demand and supply. When consumers increase their purchases, the level of demand exceeds supply, then prices tend to rise.
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