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Question
In the private sector of a mixed economy, ____________ plays an important role in solving the basic economic problems.
In the private sector of a mixed economy, ____________ plays an important role in solving the basic economic problems.
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Solution
The correct option is A price mechanism
In a private sector of a mixed economy, price mechanism takes a very prominent role as in such sectors price directs the
flow of goods and services in the market as it directs the supply by the
production sector i.e supply will increase if price increases and vice-versa
and purchase by the demand sector i.e demand will increase if price decreases and
vice-versa.
In a private sector of a mixed economy, price mechanism takes a very prominent role as in such sectors price directs the flow of goods and services in the market as it directs the supply by the production sector i.e supply will increase if price increases and vice-versa and purchase by the demand sector i.e demand will increase if price decreases and vice-versa.
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