If the equilibrium price of a certain commodity is N120.00 and the government fixed its...
ECONOMICS
JAMB 1994
If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?
- A. greater than the equilibrium supply
- B. smaller than the equilibrium supply
- C. the same as the equilibrium supply
- D. a determinant of the market forces of equilibrium
Correct Answer: B. smaller than the equilibrium supply
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