All the following are methods of determing pric... - WAEC Economics 2015 Question
All the following are methods of determing prices except?
A
maximum pricing
B
rationing
C
minimum pricing
D
auctioning
correct option: d
A maximum price occurs when a government sets a legal limit on the price of a good or service – with the aim of reducing prices below the market equilibrium price.
Minimum Prices. It is known as minimum price or pricefloor when the government sets a minimum legal limit of aprice of a particular good or service.
In economics, rationing refers to an artificial control of the supply and demand of commodities.
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