Theory > Economics > 2002 > Section A > 1 > c
WASSCE
The table below shows the supply and demand for kilograms of maize per month in thousands. use the following information in the table to answer the question that follows
In relation to the equilibrium price, what will be the effect on the quantities demanded and supplied if the government enforced a fixed price of $1.00?
| Quantity supplied(000) | Price per thousand Kilogram ($) | Quantity Demanded(000) |
| 16 | 3.00 | 3 |
| 13 | 2.50 | 5 |
| 9 | 2.00 | 9 |
| 6 | 1.50 | 14 |
| 3 | 1.00 | 19 |
| 1 | 0.50 | 26 |
In relation to the equilibrium price, what will be the effect on the quantities demanded and supplied if the government enforced a fixed price of $1.00?
To see detailed solution to this question and thousands of other questions offline, download TestDriller SSCE. Practice rigorously for WASSCE, enjoy educational games, get chief examiners' reports, summary of WAEC literature books, compete with your peers, win prizes and more.
09037778195