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1306
The short-run supply curve for medical doctors is more likely to be
  • A. perfectly elastic
  • B. perfectly inelastic
  • C. fairly inelastic
  • D. fairly elastic
View Answer & Discuss (1) JAMB 2009
1307
If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is
  • A. 0.80
  • B. 1.25
  • C. 2.00
  • D. 10.00
View Answer & Discuss (4) JAMB 2009
1308
A decrease in supply without a corresponding change in demand will lead to
  • A. an increase in equilibrium price and a decrease in equilibrium quantity
  • B. a decrease in equilibrium price and an increase in equilibrium qantity
  • C. a decrease in equilibrium price and equilibrium quantity
  • D. an increase in equilibrium price and quantity
View Answer & Discuss (2) JAMB 2009
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1309
In a regulated market, price is determined by
  • A. consumers
  • B. producers
  • C. auction
  • D. government
View Answer & Discuss JAMB 2009
1310
Production takes place when
  • A. output is transformed into input
  • B. machines replace human effort
  • C. input is transformed into output
  • D. there is specialization and division of labour
View Answer & Discuss (2) JAMB 2009
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