of price mechanism in economics:
• Price mechanism is an economic term that
refers to the buyers and sellers who negotiate
prices of goods or services depending on
demand and supply. A price mechanism or
market-based mechanism refers to a wide
variety of ways to match up buyers and sellers
through price rationing. An example of a price
mechanism uses announced bid and ask prices.
Generally speaking, when two parties wish to
engage in a trade , the purchaser will announce
a price he is willing to pay (the bid price) and
seller will announce a price he is willing to
accept (the ask price).
3. Why is petroleum
different from other
why is the law of
upside down in case
4. Here there is no
5. Here the price that Here there is no
we pay for petrol competition
is not related to between the
the cost of different players.
Why is petroleum