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A key feature of the system is exchange, which involves trades between individuals that they both perceive to raise their wel
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Answer #1

The system described is price system

Here there is a voluntary exchange between buyers and sellers of goods and services that result in an equilibrium

which both of the concerned parties consider mutually satisfying

There are intermediaries which are also called the middlemen

These middlemen serve as an important link between sellers and final consumers

They help in lowering overall transaction cost

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