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What do you understand by a price discovery system? Why do the market participants need to discover price? How is a price discovery system different

What do you understand by a price discovery system? Why do the market participants need to discover price? How is a price discovery system different from a price setting system? What are the typical pricing systems for the following commodities in the US? a. Cattle b. Grains and oilseeds c. Fresh meats d. Poultry

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