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When the government fix the price of essential commodities, this is referred to as:

Economics
JAMB 2017
When the government fix the price of essential commodities, this is referred to as:
  • A. Price equilibrium
  • B. Price control
  • C. Demanded price
  • D. Asking price
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Correct Answer: Option B
Explanation
Price control policy refers to how the government or its agency fixes the price of essential commodities. Price control is carried out in Nigeria by the price control board.
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