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JAMB Economics 2010 Question 18

Question 18

Market Structures

In perfect competition, price is determined by the

  1. A.government
  2. B.sellers
  3. C.buyers
  4. D.market.
Show the answer and explanation

Answer: D (market.)

Explanation

In perfect competition no single buyer or seller can influence price; it is set by the market forces of demand and supply.