There are primarily two types of price systems: free market pricing and command pricing. In a free market pricing system, prices are determined by supply and demand dynamics, allowing for flexibility and competition. In contrast, a command pricing system involves government regulation, where prices are set or influenced by authorities to achieve specific economic objectives. Additionally, hybrid systems may exist, combining elements of both approaches.
Price fixing can only be collusion if it happens due to all the firms in an oligopoly system come together to decide the price. Price fixing can also be implemented by government (especially in agriculture sector), in which case is not considered a collusion.
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The price system is so important to the free market economy because the price system allows a company to compete within the market by setting a price that is fair for consumers and the provider. A fixed price system causes the market to fail if prices of supplies rise.
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How does the price system respond to surpluses and shortages? In: Economics [Edit categories]