Economics WAEC

All the following are methods of determining prices except?

A. maximum pricing
B. rationing
C. minimum pricing
D. auctioning

Correct Answer: Option D

D. auctioning

Explanation

A maximum price occurs when a government sets a legal limit on the price of a good or service – with the aim of reducing prices below the market equilibrium price.

Minimum Prices:- It is known as minimum price or price floor when the government sets a minimum legal limit of a price of a particular good or service.

In economics, rationing refers to an artificial control of the supply and demand of commodities.

Sunday

Share
Published by
Sunday
Tags: economics

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

3 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

3 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

3 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

3 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

3 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

3 months ago