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JAMB Economics 2008 Objective — Question 20

Question 20 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2008 Objective paper, with the correct answer and a full explanation.

To protect farmers during a bumper harvest, the government usually

A. sets a maximum price
B. releases products from the buffer stock
C. sells the excess to consumer
D. sets a minimum priceCorrect

Explanation

Minimum price is set above equilibrium price to protect the sellers.

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