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Why is it important that prices are flexible in our economy

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Question:

Why is it important that prices are flexible in our economy? Do you think the government should control the level of prices for products that are really important, ie. gasoline?

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Gasoline is required by all for its use as a fuel. If its price is ever rising then it may be difficult to distribute gasoline to all consumers. Further conflicts can take place over the possession of gasoline. For avoiding such situations the government should regulate the price of gasoline.

Reference no: EM131489478

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