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Economics 1987 JAMB Past Questions

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46
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
  • A. the quantity supplied is infinitely elastic
  • B. when price is zero, the quantity supplied infinite
  • C. when price is infinite, the quantity supplied zero
  • D. the quantity supplied is definite
View Answer & Discuss (1) JAMB 1987
47
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is
  • A. 75 units
  • B. 35 units
  • C. 7 units
  • D. not determinable from the schedules except when graphed
View Answer & Discuss JAMB 1987
48
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
  • A. 65 units
  • B. 40 units
  • C. 30 units
  • D. 20 units
View Answer & Discuss JAMB 1987
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49
In which of the diagrams above, is the consumer surplus correctly shaded?
  • A. I
  • B. II
  • C. III
  • D. IV
View Answer & Discuss JAMB 1987
50
Average fixed cost is
  • A. Average total cost less the sum of average variable cost
  • B. Half the sum of all costs
  • C. Total fixed cost divided by the level of output
  • D. Total fixed cost plus marginal cost
View Answer & Discuss JAMB 1987
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