Question

In economics, a free market is best described as

Answer 1

In the context of economics, a free market is an arrangement in which the rates for goods and services are controlled by the open market competitions and by buyers. It is a form of market in which there is no intervention from outside sources such as state or government. In this market, the demand and supply of a good or service is determines the prices of that good or service.

Answer 2

Is based on supply and demand. With little or no government control. Buyers and sellers are allowed to transact freely if on mutual price agreement without state interfering in the form of taxes, subsidies or regulation.