Economics 1997 JAMB Past Questions

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Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?

A. 20 and 80
B. 30 and 120
C. 40 and 60
D. 60 and 240

View Answer & Discuss JAMB 1997

If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?

A. the equilibrium price and quantity will increase
B. only the price will increase
C. only the quantity will increase
D. the price will remain constant

View Answer & Discuss (1) JAMB 1997

The elasticity of demand for a firm's product is 2.
If the firm reduces its price by 20 percent, its sales revenue will increase by?

A. 10 per cent
B. 20 per cent
C. 30 per cent
D. 40 per cent

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If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is?

A. less than one
B. equal to one
C. greater than one
D. equal to zero

View Answer & Discuss (1) JAMB 1997

A market where there are many differentiated products is called?

A. monopoly
B. perfect competition
C. monopolistic competition
D. oligopoly

View Answer & Discuss JAMB 1997

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Economics 1997 JAMB Past Questions

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