Final answer:
Price legislation in Nigeria has helped stabilize prices, prevent exploitations, address hoarding and shortages, and ensure fair competition in the market.
Step-by-step explanation:
Price legislation in Nigeria has been enacted to regulate and control prices in the marketplace. One example of price legislation in Nigeria is the Price Control and Distribution Act of 1977, which aimed to prevent unfair pricing practices and protect consumers from price gouging. This legislation has helped stabilize prices, prevent price exploitations, and ensure fair and competitive markets.
Price legislation in Nigeria has also addressed issues of hoarding and shortages. For instance, during periods of scarcity, the government can enforce price controls to ensure that essential commodities are available at affordable prices. This helps to maintain social stability and ensure that basic needs are met for the general population.
Furthermore, price legislation can act as a deterrent against price manipulation by unscrupulous businesses. By setting legal limits on prices, the government can protect consumers from predatory pricing practices and ensure fair competition in the market.
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