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In the diagram P1 S is a supply curve for a manufactured. it is shows...

Economics
JAMB 1983
In the diagram P1 S is a supply curve for a manufactured. it is shows that
  • A. when price is OP1 quantity supplied is infinitely elastic
  • B. the higher the price the greater the quantity supplied
  • C. the higher the price the lower the quantity supplied
  • D. when price is zero quantity supplied becomes infinite
  • E. when price is infinite quantity supplied becomes zero
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Correct Answer: Option A
Explanation
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts