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591
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?
  • A. 1.25
  • B. 0.80
  • C. 0.50
  • D. 0.40
View Answer & Discuss (4) JAMB 1991
592
If a society is operating on the production possibility curve, this implies that the resources are?
  • A. fully and efficiently utilized
  • B. fully but inefficiently utilized
  • C. efficiently but not fully utilized
  • D. abundant
View Answer & Discuss JAMB 1991
593
A market is in disequilibrium if?
  • A. the quantity purchased is greater than quantity sold
  • B. the quantity sold differs from the quantity purchased
  • C. at a lower price, a large quantity is sold
  • D. the quantity demand differs from the quantity supplied
View Answer & Discuss JAMB 1991
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594

The cross-elasticity of demand between complementary goods is?

  • A. unitary
  • B. positive
  • C. zero
  • D. negative
View Answer & Discuss (5) JAMB 1991
595

Resources are efficiently allocated when production takes place at that output where price equals?

  • A. marginal revenue
  • B. average variable cost
  • C. marginal cost
  • D. toal cost
View Answer & Discuss (2) JAMB 1991
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