Effects Of Changes In Supply And Demand On Equilibrium Price And Quantity Jamb Economics Past Questions
Question 6
How many units of good X is produced for 8 units of commodity Y?
- A. 80
- B. 40
- C. 20
- D. O
Question 7
A movement from M to T implies that there has been
- A. A decrease in supply
- B. An increase in demand
- C. A decrease in price
- D. An increase in price
Question 8
When there is a change from T to N, it implies that
- A. Supply has increased
- B. Quantity supplied has increased
- C. Quantity demanded has increased
- D. Price has fallen
Question 9
Use the information below to answer this question.
Given that Q d = 20 - 4P and Qs = 6P + 12
If price is increased to N3, how much is the excess supply?
- A. 30
- B. 22
- C. 12
- D. 8
Question 10
What effect would a change in price of a commodity have on its supply?
- A. An increase in supply
- B. No change in supply
- C. A decrease in supply
- D. A change in the quantity supplied
