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Question
Prices of essential goods are decided by the Government, and prices of normal goods are decided by the market forces of demand and supply. This concept is called.
Prices of essential goods are decided by the Government, and prices of normal goods are decided by the market forces of demand and supply. This concept is called.
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Solution
The correct option is C Dual System of Pricing
Prices of essential goods are decided by the Government, and prices of normal goods are decided by the market forces of demand and supply. This concept is called Dual System of Pricing.
Dual System of Pricing : In a private sector, prices of goods and factors of production are determined through the free play of market forces of demand and supply.
In public sector, the state determines the prices of various products. The state also reserves to itself the right to keep different prices for Public sector units and private sector units.The state may also fix the prices of certain essential commodities which are used by common man. Thus, there id s system of Dual pricing in a Mixed Economy.
Prices of essential goods are decided by the Government, and prices of normal goods are decided by the market forces of demand and supply. This concept is called Dual System of Pricing.
Dual System of Pricing : In a private sector, prices of goods and factors of production are determined through the free play of market forces of demand and supply.
In public sector, the state determines the prices of various products. The state also reserves to itself the right to keep different prices for Public sector units and private sector units.
The state may also fix the prices of certain essential commodities which are used by common man. Thus, there id s system of Dual pricing in a Mixed Economy.
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