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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
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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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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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709