JAMB Economics 2014 Objective — Question 16
Question 16 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.
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Price mechanism determines the prices of commodities through
- A. government legislation
- B. auctioning
- C. market forcesCorrect
- D. the sales of treasury bills
Explanation
Price mechanism, also known as the price system, is the determination of price by the interaction of the forces of demand and supply — the market forces.
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