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The seller of a good or its producer can also produce whichever product they want to and also increase the capacity of any individual commodity depending upon the forces of the market. Producers are free to undertake the risks and rewards associated with increase in production. There is no state intervention in the functioning of the forces of the market. The role of the state is limited to ensuring proper transparency in the prices charged by the sellers of the concerned commodity.
The biggest advantage that a market-oriented economy enjoys is the determination of a unique price determined by the demand and supply in absence of any monopolistic or oligopolistic influences...
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Common topics in this essay:
- Japan vs. United States Economy Policy
- Market Economy Vs Command Economy
- A Market Economy
- A Perspective on Market Economy
- Command Economy Vs Free Market Economy
- Free Market Economy
- Market Economy
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