WAEC Economics 2024 Objective — Question 16

Question 16 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.

16. Minimum price legislation is used to protect the interests of (use the table showing the demand and supply schedule for apples to answer this question)

A. small scale producers.Correct
B. foreign companies.
C. government.
D. consumers.

Explanation

A minimum price is set above the equilibrium price, used mainly to protect the interests of small-scale producers.

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