i) (Forces of) demand and supply - the willingness /ability of buyers/consumers to buy and the
willingness/ability of sellers/producers to sell/the quantity demanded and the quantity supplied
sets the equilibrium/exchange price/the price at which the quantity demanded equals the quantity
supplied.
ii) Auctioning/bidding - where buyers bid/compete for the product (by suggesting the prices they
are willing to pay) and the product is sold to the highest bidder/at the highest price.
iii) Haggling/bargaining - sellers and buyers argue/bargain/haggle/discuss various possible prices
until they agree/compromise on the price at which the product is exchanged/sold.
iv) Tendering - prospective sellers quote/suggest the price at which they are willing/able to sell and
the buyer selects the lowest/appropriate price (at which he buys the product).
v) Price fixing by the producer/seller - the producer/seller fixes/sets/recommends the price at which
the product should be sold.
vi) Price fixing by the govt - the govt sets the price at which all sellers offer the product to the
market/buyer.
monica20 answered the question on November 11, 2017 at 11:14
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