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WAEC Economics 1988 Question 13

Question 13

Price Determination

Price control can be defined as the fixing by government of maximum or minimum prices of

  1. A.luxury goods
  2. B.inferior goods
  3. C.imported capital goods
  4. D.certain selected goods
  5. E.goods consumed by low income earners.
Show the answer and explanation

Answer: D (certain selected goods)

Explanation

Government fixes maximum or minimum prices only for certain selected goods and services it considers important.