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2331
When the price of a commodity increases and the quantity demanded also increases, this is a case of
  • A. exceptional demand
  • B. derived demand
  • C. competitive demand
  • D. joint demand
View Answer & Discuss WAEC 2009
2332
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
  • A. composite supply
  • B. joint supply
  • C. competitive supply
  • D. short run supply
View Answer & Discuss (5) WAEC 2009
2333
At a co-efficient of price elasticity of supply of 0.5, supply is
  • A. perfectly inelastic
  • B. inelastic
  • C. perfectly elastic
  • D. elastic
View Answer & Discuss WAEC 2009
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2334
In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
  • A. An increase in demand for X will increase supply of Y
  • B. An increase in demand for X will leave the supply of Y unchanged
  • C. An increase in demand for Y will raise the price of X
  • D. An increase in demand for X will cause less of Y to be produced
View Answer & Discuss WAEC 2009
2335
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
  • A. positive income elasticity
  • B. negative income elasticity
  • C. positive cross elasticity
  • D. negative cross elasticity
View Answer & Discuss WAEC 2009
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