Price mechanism determines the prices of commodities through
ECONOMICS
JAMB 2014
Price mechanism determines the prices of commodities through
- A. auctioning
- B. market forces
- C. the sales of treasury bills
- D. government legislation
Correct Answer: B. market forces
Explanation
Price mechanism refers to the system where the market forces of demand and supply determine the prices of commodities and the changes therein. It is the buyers and sellers who actually determine the price of a commodity.
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