Economics jamb 2016

From the graph above, fixing maximum price of garri below equilibrium prices at P1 will

a

Encourage the production of garri

b

Create an excess supply of garri

c

Increase the consumption of garri

d

Decrease the consumption of garri

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Correct Option
c

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Discussions (3)

colikstan
3 years ago

But from this diagram answer is option C

colikstan
3 years ago

When there is maximum price producers would not want to supply more products this will lead to lesser quantity of garri in circulation against the demand. People won't have enough garri
So consumption will reduce D.

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