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4601

The demand for a factor input as a result of the demand for its output is known as

  • A. market demand
  • B. complementary demand
  • C. competitive demand
  • D. derived demand
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4602

If the government stops subsidy on cocoa production, the supply curve of cocoa will

  • A. become vertical
  • B. remain unchanged
  • C. shift to the left
  • D. shift to the right
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4603

A monopolist may enjoy abnormal profit only if its

  • A. marginal cost exceeds marginal revenue
  • B. demand curve is perfectly elastic
  • C. expenditure on advertisement increases
  • D. price exceeds average total cost
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4604

The supply of light could be met using a candle, lantern and gas lamp. This is an example of a

  • A. complementary supply
  • B. abnormal supply
  • C. joint supply
  • D. composite supply
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4605

Industries are sometimes located in areas which are not profitable so as to

  • A. encourage rural-urban migration
  • B. be able to even-out development
  • C. bring about external economies of scale
  • D. be able to reap internal economies of scale
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts