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4536

The fundamental problem of economics is

  • A. Finding striking determinants between the forces of supply and demand
  • B. The scarcity of productive resources relative to society's unlimited wants
  • C. The establishment of a political framework to determine the what, how and for whom of production
  • D. To establish an equitable distribution of income
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4537

The diagram above represent

  • A. perfect competition
  • B. mononpoly
  • C. demand curve
  • D. competitive market
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4538

What is the lowest price the monopolist can charge

  • A. P2
  • B. P1
  • C. P3
  • D. P4
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Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
4539

The maximum price is

  • A. P1
  • B. P2
  • C. P3
  • D. P4
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4540

Real cost is

  • A. Alternative commodities forgone
  • B. Amount of money spent on goods and services
  • C. Cost of goods and services
  • D. True cost
View Answer & Discuss (4) JAMB 2023
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709