When the government fix the price of essential commodities, this is referred to as:
ECONOMICS
JAMB 2017
When the government fix the price of essential commodities, this is referred to as:
- A. Price equilibrium
- B. Price control
- C. Demanded price
- D. Asking price
Correct Answer: B. Price control
Explanation
Price control policy refers to how the government or its agency fixes the price of essential commodities. Price control is carried out in Nigeria by the price control board.
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