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4686

An exceptional demand curve can result from

  • A. increase in price of raw materials
  • B. change in taste of consumer
  • C. increase in the size of the population
  • D. expectation of future price increase
View Answer & Discuss (4) JAMB 2024
4687

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, wha is the price elasticity of demand for the commodity?

  • A. 1
  • B. 0.8
  • C. 0.5
  • D. 1.5
View Answer & Discuss (2) JAMB 2024
4688

A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to
as

  • A. duopoly
  • B. monopolist
  • C. monopsonist
  • D. oligopoly
View Answer & Discuss JAMB 2024
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4689

Which of the following is NOT a factor that brings about changes in demand?

  • A. the price of the good or service
  • B. a change in real income
  • C. government policy
  • D. increase in population
View Answer & Discuss JAMB 2024
4690

A price floor is usually fixed

  • A. above the equilibrium and causes surpluses
  • B. below the equilibrium and causes surpluses
  • C. above the equilibrium and causes shortage
  • D. at the equilibrium and causes no shortage
View Answer & Discuss JAMB 2024
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