WAEC Economics 2023 Objective — Question 15
Question 15 of 50 from the West African Examinations Council (WAEC) 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
Governments intervene by fixing maximum price and minimum price on only essential products such as foods and drugs.
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