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  • The value at which goods, services, or assets can be bought and sold or exchanged. Price is said to be determined freely when the market forces of supply and demand are left to operate on their own without any external intervention. In such a situation, price is deemed to be an efficient allocator of resources and commodities. The price at which the expectations of buyers and sellers are realized, as a result of the meeting of minds, is known as the equilibrium price. Economic shocks, commodity availability, and inflexible prices have made it impossible to rely entirely on the free movement of prices. Consequently, policymakers intervene in markets to set prices. Examples of such intervention are minimum wage, usury laws, and federal funds rate.

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