The act of removing government laws and allowing market forces to determine prices is

Assessment: WAEC SSCE - Commerce - 2022 (Objective) Subject: Commerce

Question 1 Report

The act of removing government laws and allowing market forces to determine prices is
Answer Details
The act of removing government laws and allowing market forces to determine prices is called deregulation. This means that the government no longer regulates prices of goods and services, but instead allows market forces of supply and demand to determine the prices. Deregulation can occur in various industries, such as telecommunications, transportation, and energy, and it is often seen as a way to increase competition, improve efficiency, and lower prices for consumers.
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