The determination of price by bargaining between buyers and sellers is________
ECONOMICS
JAMB 2019
The determination of price by bargaining between buyers and sellers is________
- A. Sales by Auction
- B. Tender
- C. Higgling and Haggling
- D. Price Control
Correct Answer: C. Higgling and Haggling
Explanation
Higgling and Haggling is one of the ways price are determined in an imperfect market. The buyer's maximum price and the seller's minimum price provide the price range of bargaining.
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