What are the advantages of prices in a free market economy for both consumers and producers?
Understanding How Prices Work in a Free Market

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Business
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11th Grade - University
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Hard
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5 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
How do prices act as a signal in the context of supply and demand?
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3.
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3 mins • 1 pt
What happens to prices when supply decreases but demand remains the same?
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4.
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3 mins • 1 pt
What are some potential problems with free markets that can lead to inefficient resource distribution?
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5.
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3 mins • 1 pt
Explain the concept of price gouging and under what circumstances it occurs.
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