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JAMB Economics 2014 Question 16

Question 16

Economic Systems

Price mechanism determines the prices of commodities through

  1. A.the sales of treasury bills.
  2. B.government legislation.
  3. C.auctioning.
  4. D.market forces.
Show the answer and explanation

Answer: D (market forces.)

Explanation

Under the price mechanism, prices are set by the free interaction of demand and supply (market forces).