JAMB Economics 2018 Objective — Question 15

Question 15 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2018 Objective paper, with the correct answer and a full explanation.

The typical feature of a market economy is that

A. Private ownership of means of production
B. Public ownership of means of production
C. Welfare maximization
D. Profit maximizationCorrect

Explanation

Profit maximization by producers, alongside utility maximization by consumers, is the distinguishing feature of a market economy.

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