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WAEC Economics 2008 Question 23

Question 23

Price Determination

During a sale by auction, the price at which the good is finally sold is determined mostly by

  1. A.competition between buyers and sellers
  2. B.competition among buyers
  3. C.competition among sellers
  4. D.government policy.
Show the answer and explanation

Answer: B (competition among buyers)

Explanation

At an auction buyers bid against each other and the highest bid wins.