passwella.
Menu

JAMB Economics 2005 Question 30

Question 30

Price Determination

A buyer who haggles in the market is applying the principle of

  1. A.choice
  2. B.price mechanism
  3. C.opportunity cost
  4. D.utility maximization
Show the answer and explanation

Answer: B (price mechanism)

Explanation

Haggling is bargaining between buyer and seller until a price is agreed, which is the price mechanism at work.