Prices rate is determined on the basis of demand and supply, such kind of an economy is?

Market driven economy

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Closed economy

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Seller driven economy

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None of the above

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Solution

The correct option is D Market driven economy
The demand and supply of a commodity prevails in the market, so if their are changes in the price of the commodity due to change in its demand and supply in the market then it is said that market influences the price rate in the economy.

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Similar questions

The wholesale price index is used to forecast demand and supply scenario in an economy.

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