In order to reduce hardship faced by consumers due to high prices government can introduce

Assessment: JAMB UTME - Economics - 2010 Subject: Economics

Question 1 Report

In order to reduce hardship faced by consumers due to high prices government can introduce
Answer Details
Government can introduce price control boards to reduce hardship faced by consumers due to high prices. These boards are responsible for regulating and setting maximum prices for essential goods and services in the economy. This is aimed at preventing price gouging and ensuring that consumers can still afford basic necessities, especially during times of economic hardship.
Read lesson note on The Theory Of Price Determination (JAMB)
Read lesson note on Economic Systems (JAMB)
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