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3366

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

  • A. increase
  • B. fall
  • C. fluctuate
  • D. remain unchanged
View Answer & Discuss (1) WAEC 2016
3367
If the quantity of men's hat demanded per week is represented by the function Qd=20-\(\frac{1}{3}\)P, where P is price, how many hats are demanded when the price is $9.00?
  • A. 11
  • B. 17
  • C. 23
  • D. 47
View Answer & Discuss (4) WAEC 2016
3368

The demand for torch and batteries is an example of

  • A. competitive demand
  • B. composite demand
  • C. complementary demand
  • D. derived demand
View Answer & Discuss (2) WAEC 2016
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3369

Price elasticity of demand or supply measures how responsive

  • A. consumers are to a change in price
  • B. sellers are to a change in price
  • C. sellers are to a change in price
  • D. buyers are to a change in income
View Answer & Discuss (7) WAEC 2016
3370
The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to
  • A. positively sloping supply curve
  • B. perfectly elastic supply curve
  • C. backward bending supply curve
  • D. perfectly inelastic
View Answer & Discuss (4) WAEC 2016
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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