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WAEC Agricultural Science 2003 Question 55

Question 55

Basic Agricultural Economics

Study the graph (supply and demand curves for rice). The graph shows

Diagram for this question
  1. A.an increase in the supply of rice
  2. B.a shift in the demand for rice
  3. C.the equilibrium market price for rice
  4. D.that the demand for rice exceeds its supply
Show the answer and explanation

Answer: C (the equilibrium market price for rice)

Explanation

The point where supply and demand cross gives the equilibrium price.