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JAMB Economics 2022 Question 8

Question 8

Business Organisations

The economic goal of public utilities is to

  1. A.maximize profit
  2. B.expand assets
  3. C.minimize cost
  4. D.provide essential services
Show the answer and explanation

Answer: D (provide essential services)

Explanation

Public utilities such as water and electricity exist mainly to provide essential services, not to maximise profit.