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WAEC Economics 2015 Question 16

Question 16

Price Determination

All the following are methods of determining prices except

  1. A.maximum pricing.
  2. B.rationing.
  3. C.minimum pricing.
  4. D.auctioning.
Show the answer and explanation

Answer: B (rationing.)

Explanation

Rationing shares out goods in short supply; it does not fix a price.