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Economics 1989 JAMB Past Questions

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11
Which of the following factors is an important determinant of the magnitude of price elasticity of demand?
  • A. The production period
  • B. Cost of storage
  • C. Durability of the product
  • D. Availability of factors of production
View Answer & Discuss JAMB 1989
12
The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal?
  • A. utility
  • B. productivity
  • C. rate of substitution
  • D. revenue
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13
In order to increase its profit margin, the monopolist can manipulate
  • A. both price and output
  • B. either price or output
  • C. only its price
  • D. only its output
View Answer & Discuss JAMB 1989
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14
For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be?
  • A. downward sloping and price inelastic
  • B. perfectly price elastic
  • C. downward sloping but price inelastic
  • D. perfectly price inelastic
View Answer & Discuss JAMB 1989
15
The merging of firms engage in different stages of production and marketing is called?
  • A. external economies of scale
  • B. vertical intergration
  • C. horizontal intergration
  • D. economic unoin
View Answer & Discuss (2) JAMB 1989
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