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JAMB Economics 1993 Question 23

Question 23

Theory of Production

Production is said to be completed when

  1. A.goods and services reach the consumers
  2. B.prices of goods and services are determined
  3. C.goods are sold to the wholesaler
  4. D.goods are packaged
Show the answer and explanation

Answer: A (goods and services reach the consumers)

Explanation

Production includes every activity up to the point where the good reaches the final consumer, including distribution.