In order for the price mechanism to work,we need

Question

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In order for the price mechanism to work efficiently, there needs to be competition in the market. The presence of many competing firms in each industry ensures that prices are determined by market forces, rather than by a single powerful entity. When a market has only a few firms or is dominated by a monopoly, prices can be influenced by the actions of those firms rather than reflecting true supply and demand. Government regulation may be necessary in certain situations, but it can also stifle competition and prevent the price mechanism from working properly.

In Order for the Price Mechanism to Work,we Need