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Economics 2022 JAMB Past Questions

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51

Palm oil and palm kernel are in

  • A. joint supply
  • B. competitive demand
  • C. competitive supply
  • D. complementary demand
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52

A supply curve parallel to the X-axis indicates

  • A. fairly elastic supply
  • B. infinitely elastic supply
  • C. fairly inelastic supply
  • D. perfectly inelastic supply
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53

If the marginal utility of commodity is equal to its price, then

  • A. the consumer is in equilibrium
  • B. more of the commodity can be consumed
  • C. total utility is also equal to its price
  • D. the market is not in equilibrium
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54

A price floor is usually fixed

  • A. at the equilibrium and causes no shortage
  • B. above the equilibrium and causes shortage
  • C. below the equilibrium and causes surpluses
  • D. above the equilibrium and causes surpluses
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55

A firm's average cost decreases in the long-run because of

  • A. increasing returns to scale
  • B. diminishing average returns
  • C. decreasing marginal returns
  • D. decreasing average fixed cost
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