Effects Of Changes In Supply And Demand On Equilibrium Price And Quantity Jamb Economics Past Questions
Question 21
The diagram above shows the effect of
- A. excess demand over supply at q3
- B. excess supply over demand at q2
- C. minimum price legislation at P2
- D. maximum price legislation at P2
Question 22
The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
- A. N4
- B. N8
- C. N2
- D. N10
Question 23
If P = 14\frac{1}{4}(Qs + 10). What is the quantity supplied at N14?
- A. 14
- B. 60
- C. 46
- D. 32
Question 24
When price is set below equilibrium, this will lead to
- A. an increase in the quantity supplied
- B. a new equilibrium
- C. a decrease in the quantity supplied
- D. a fall in price
Question 25
If the price of a commodity is fixed below equilibrium, this will lead to
- A. excess demand
- B. a decrease in price
- C. an increase in price
- D. excess supply
