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721
An increase in the supply of labour in a factory while other things remain equal will lead to?
  • A. an increase in the wage rate and an increase in the number of people employed
  • B. a decreased in the wage rate and a decrease in employment
  • C. an increase in the wage rate and an decrease in the employment
  • D. a decrease in the wage rate and an increase in employment
View Answer & Discuss JAMB 1994
722
A demand which is positively related to price is true of?
  • A. normal goods
  • B. giffen goods
  • C. ostentatious goods
  • D. capital goods
View Answer & Discuss (8) JAMB 1994
723
Elasticity demand is an effective tool in the hands of a producer in that it enables him?
  • A. raise his profit and lower his costs
  • B. discourage buyers from cheating
  • C. determine what he will produce
  • D. set his price to maximize his profit
View Answer & Discuss (1) JAMB 1994
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724
The basic idea behind brand differentiation under an imperfect market arrangement is to?
  • A. stimulate demand for rival products
  • B. create demand for the particular product
  • C. enable the product penetrate the market
  • D. enable the product to complete with others
View Answer & Discuss JAMB 1994
725
In the long run, a firm in a perfectly competitive market will make?
  • A. normal profit
  • B. adnormal profit
  • C. marginal profit
  • D. no profit
View Answer & Discuss (1) JAMB 1994
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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