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Economics 2004 WAEC Past Questions

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16
The gap between demand and supply curve below the equilibrium price indicates
  • A. excess demand
  • B. excess supply
  • C. equilibrium quantity
  • D. equilibrium price
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17
Demand for inferior goods is an example of
  • A. expansion of demand
  • B. contraction of demand
  • C. individual demand
  • D. abnormal demand
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18
When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is
  • A. fairly inelastic
  • B. infinitely elastic
  • C. perfectly inelastic
  • D. unitary elastic
View Answer & Discuss (1) WAEC 2004
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19
For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the
  • A. marginal cost curves cuts the marginal revenue curve from below
  • B. marginal revenue curve cuts the marginal output from above
  • C. marginal cost curve intersect the X-axis
  • D. marginal revenue curve intersects the Y-axis
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20
The market structure in which the operation are many and none of them can influence the price is
  • A. imperfect market
  • B. perfect market
  • C. oligopolistic
  • D. stock market
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