If the equilibrium price of a certain commodity is N120.00 and the government fixed its…

Economics JAMB 1993

If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?

  • greater than the equilibrium supply
  • smaller than the equilibrium supply checkmark
  • the same as the equilibrium supply
  • a determinant of the market forces of equilibrium

The correct answer is: B

Explanation

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