Sign Up to our social questions and Answers Engine to ask questions, answer people's questions, and connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
A) a condition in the international market where nations do not impose customs duty or other taxes on the import of goods
B) market where the price of a commodity is determined by the free play of the forces of supply and demand
C) ports that are exempted from payment of customs duty on articles of commerce, primarily to encourage tourism
D) None of the above
Answer is B) i.e market where the price of a commodity is determined by the free play of the forces of supply and demand
A free market economy is an economic system in which the prices of goods and services are determined by the forces of supply and demand, without government intervention.
This system allows buyers and sellers to freely negotiate prices without restrictions, such as taxes, quality controls, quotas, tariffs, and other forms of centralized economic control. In a free market system, buyers and sellers are free to make their own decisions, which leads to economic efficiency and the optimal allocation of resources. Additionally, a free market economy can provide opportunities for individuals and organizations to earn profits and generate wealth. However, it is important to note that in a free market system, certain members of society may not be able to work due to their age, lack of skills, or unemployment.