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1601
A market condition where profit is maximized when MR = AR = MC = P is known as
  • A. monopoly
  • B. oligopoly
  • C. monopsony
  • D. perfect competition
  • E. duopoly
View Answer & Discuss WAEC 1992
1602
when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
  • A. price discrimination
  • B. price control
  • C. perfect market
  • D. equilibrium price
  • E. market structure
View Answer & Discuss (1) WAEC 1992
1603
Money supply is the
  • A. currency available in the banks
  • B. currency in circulation and time deposits
  • C. currency in circulation and saving deposits
  • D. currency in circulation and demand deposits
  • E. money scarcity
View Answer & Discuss WAEC 1992
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1604
which of the following is not the function of a commercial bank
  • A. accepting deposits from the publicv
  • B. serving as banker to the government
  • C. lending to the public
  • D. safekeeping of valuables
  • E. undertaking foreign exchange transaction of customers
View Answer & Discuss WAEC 1992
1605
inflation caused by increase in demand is known as
  • A. cost-push inflation
  • B. hyper-inflation
  • C. demand-pull inflation
  • D. creeping inflation
  • E. runaway inflation
View Answer & Discuss WAEC 1992
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