Price of a product is determined in a free market:
By demand for the product
By supply of the product
By both demand and supply
By the government
Price of a product is determined in a free market by both demand and supply.
Firms derive the demand for labor by determining the value of marginal product of labor, and it is based directly on market demand for the end product.
In which mode of production are market forces of supply and demand the key players?