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Describe the role of prices in marketing economics

Describe the role of prices in marketing economics

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            Price can be referred to as the signal for the conditions such as shortages and surpluses and that help the firms to overcome or react to the fluctuating market situations. When we consider a freemarket economy, prices can be used to give away the goods and resources throughout the economy. The market economy price is mainly determined by using the demand and supply that is, when there is a higher price for a particular good then the demand will be high in nature.

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