Effects Of Changes In Supply And Demand On Equilibrium Price And Quantity Jamb Economics Past Questions
Question 31
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
- A. the quantity supplied is infinitely elastic
- B. when price is zero, the quantity supplied infinite
- C. when price is infinite, the quantity supplied zero
- D. the quantity supplied is definite
Question 32
Given that demand and price remain unchanged an outward shift of the supply curve will lead to
- A. hoarding
- B. excess supply
- C. excess demand
- D. a blank market
Question 33
A decrease in supply without a corresponding change in demand will lead to
- A. an increase in equilibrium price and a decrease in equilibrium quantity
- B. a decrease in equilibrium price and an increase in equilibrium qantity
- C. a decrease in equilibrium price and equilibrium quantity
- D. an increase in equilibrium price and quantity
Question 34
If there is an increase in demand without a corresponding increase in supply, there will be a
- A. rise in price
- B. shift in demand curve to the left
- C. fall in price
- D. shift in supply curve to the right
Question 35
If demand increases without a change in supply, equilibrium price and quantity will
- A. remain unchanged
- B. shift inward
- C. fall
- D. rise
