NECO Economics 2023 Objective — Question 15
Question 15 of 50 from the National Examinations Council (NECO) Economics 2023 Objective paper, with the correct answer and a full explanation.
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The fixing of maximum prices by government is mainly on A. inferior goods B. luxury goods C. imported capital goods D. selected essential goods
- A. inferior goods
- B. luxury goods
- C. imported capital goods
- D. selected essential goodsCorrect
Explanation
Maximum price (price ceiling) legislation is used by governments to protect consumers, and is typically applied to selected essential commodities to keep them affordable.
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