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WAEC Agricultural Science 2004 Question 57

Question 57

Basic Agricultural Economics

The equilibrium price of rice is the price at which

  1. A.its demand exceeds supply
  2. B.its supply exceeds demand
  3. C.its supply equals demand
  4. D.consumers cannot buy the quantity they want
Show the answer and explanation

Answer: C (its supply equals demand)

Explanation

Equilibrium is where supply equals demand.