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JAMB Economics 1991 Question 1

Question 1

Economic Systems

In market economy, the question of what, how and for whom to produce are solved by the

  1. A.elected representatives of the people
  2. B.planning committee
  3. C.price mechanism
  4. D.government
Show the answer and explanation

Answer: C (price mechanism)

Explanation

In a market economy the forces of demand and supply, through prices, decide what is produced, how and for whom.