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24 October, 04:48

Why is the price system a more efficient system for allocating scarce resources than by authoritarian means

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  1. 24 October, 06:34
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    The production of limited resources, thus lower costs and rising demand, will be increased by price levels and the capacity to make money.

    Explanation:

    The pricing mechanism assigns the markets in this system resources. A rise in demand increases prices and promotes firms using more resources for the product or service's manufacturing.
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