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The fixing of the price of an item above or below the equilibrium price is...

Economics
JAMB 2001

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

  • A. centrally planned economy
  • B. free market economy
  • C. developed economy
  • D. mixed economy
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Correct Answer: Option B
Explanation

In a free-market economy, the concept of price ceiling and price floor come to play. In this kind of market situation, the government can introduce laws to ensure that prices do not rise or fall beyond a particular amount.

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