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JAMB Economics 1987 Question 15

Question 15

Price Determination

Price can be defined as

  1. A.a rate of exchange
  2. B.a medium of exchange
  3. C.the cost of a product
  4. D.the standard of accounting.
Show the answer and explanation

Answer: A (a rate of exchange)

Explanation

Price is the rate at which a good is exchanged for money (or other goods).