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Question on: WAEC Economics - 2015

All the following are methods of determing prices except?

A

maximum pricing

B

rationing

C

minimum pricing

D

auctioning

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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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