JAMB Economics 2021 Objective — Question 13

Question 13 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2021 Objective paper, with the correct answer and a full explanation.

13. A price set below the equilibrium is a. Price ceiling b. Price flooring c. Price shortage d. Excess price

A. Price ceilingCorrect
B. Price flooring
C. Price shortage
D. Excess price

Explanation

A price ceiling is a maximum price set by authorities below the market equilibrium price, often leading to shortages.

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