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WAEC Economics 1992 Question 11

Question 11

Price Determination

The market price of a commodity is determined by the

  1. A.total number of people in the market
  2. B.total demand for the commodity
  3. C.quantity of the commodity supplied
  4. D.interaction of demand and supply
  5. E.law of demand.
Show the answer and explanation

Answer: D (interaction of demand and supply)

Explanation

Market price is set where demand and supply meet.