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WAEC Economics 2017 Question 16

Question 16

Price Determination

Another term for equilibrium price is

  1. A.price floor.
  2. B.demand price.
  3. C.market clearing price.
  4. D.satisfactory price.
Show the answer and explanation

Answer: C (market clearing price.)

Explanation

At equilibrium price all that is supplied is bought, so the market clears.