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2236
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
  • A. inferior goods
  • B. substitutes
  • C. complements
  • D. free goods
View Answer & Discuss WAEC 2007
2237
in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in
  • A. consumers increasing their demand for the product
  • B. consumers' demand for the product remaining unchanged
  • C. consumers shifting completely to substitute products
  • D. suppliers increasing the supply of the product
View Answer & Discuss WAEC 2007
2238
Patents are examples of
  • A. natural barriers to entry
  • B. legal barriers to entry
  • C. illegal barriers to entry
  • D. unnatural barriers to entry
View Answer & Discuss WAEC 2007
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2239
which of the following is a characteristics of monopoly
  • A. many sellers
  • B. Homogenous commodity
  • C. a single seller
  • D. Perfect knowledge
View Answer & Discuss WAEC 2007
2240
when a firm is nationalized ,
  • A. former owners are removed without compensation
  • B. it has the right o draw on state funds for capital investment
  • C. it must break even within a specific period
  • D. workers take control of the firm
View Answer & Discuss WAEC 2007
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