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WAEC Economics 2018 Question 16

Question 16

Price Determination

A market is in equilibrium when

  1. A.there is no government intervention.
  2. B.the demand is the same as the supply.
  3. C.buyers and sellers are free to sell more goods.
  4. D.there is no free entry and exit.
Show the answer and explanation

Answer: B (the demand is the same as the supply.)

Explanation

Equilibrium means quantity demanded equals quantity supplied.