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1391

Demand patterns are determined by the market on the basis of

  • A. scale of preference
  • B. consumer sovereignty
  • C. cosumer rationality
  • D. price of the commodity
View Answer & Discuss (2) JAMB 2011
1392

A consumer surplus measures the

  • A. benefits derived from consuming a cheap commodity
  • B. excess of total expenditure over total uility
  • C. difference between marginal utility and marginal cost
  • D. excess of marginal utility over price
View Answer & Discuss (1) JAMB 2011
1393

If the demand for one commodity excludes another, it is said to be

  • A. complementary demand
  • B. competitive demand
  • C. composite demand
  • D. derived demand
View Answer & Discuss (3) JAMB 2011
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1394

If demand increases without a change in supply, equilibrium price and quantity will

  • A. remain unchanged
  • B. shift inward
  • C. fall
  • D. rise
View Answer & Discuss (2) JAMB 2011
1395

In the process of production, total output is at maximum when

  • A. MP=0
  • B. MP > 0
  • C. AP = 0
  • D. AP > 0
View Answer & Discuss (1) JAMB 2011
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