Types Of Demand Jamb Economics Past Questions
Question 6
Demand patterns are determined by the market on the basis of
- A. scale of preference
- B. consumer sovereignty
- C. cosumer rationality
- D. price of the commodity
Question 7
An increase in the price of a commodity will result in
- A. a decrease in the quantity demanded
- B. an increase in demand
- C. an increase in quantity demanded
- D. a decrease in demand
Question 8
If in this demand-supply diagram, the quantity supplied is OQ, then
- A. price will be OP
- B. there will be excess demand of RT
- C. price will be ON
- D. price will tend to rise
Question 9
A change in demand for a normal good means
- A. a shift in the demand curve
- B. a change in the price changes
- C. a movement along a given demand curve
- D. a change in the price elasticity
Question 10
One of the reason for an exceptional demand curve is the?
- A. expectation of a future change in price
- B. availability of credit facilities
- C. change in the price of the commodity
- D. availability of substitutes
