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The determination of price by bargaining between buyers and sellers is________

Economics
JAMB 2019

The determination of price by bargaining between buyers and sellers is________

  • A. Sales by Auction
  • B. Tender
  • C. Higgling and Haggling
  • D. Price Control
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Correct Answer: Option C
Explanation

Higgling and Haggling is one of the ways price are determined in an imperfect market. The buyer's maximum price and the seller's minimum price provide the "price range of bargaining".

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