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When the government fix the price of essential commodities, this is referred to as:

When the government fix the price of essential commodities, this is referred to as:
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
  • A Price equilibrium
  • B Price control
  • C Demanded price
  • D Asking price
Correct Answer: Option B
Explanation:
Price control policy refers to how the government or its agency fixes the price of essential commodities. Price control is carried out in Nigeria by the price control board.

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