Effects Of Changes In Supply And Demand On Equilibrium Price And Quantity Jamb Economics Past Questions
Question 41
If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be
- A. jointly supplied
- B. competitive
- C. composite
- D. jointly demanded
Question 42
An increase in supply will lower price unless?
- A. supply is perfectly inelastic
- B. demand is perfectly inelastic
- C. it is followed by an increase in demand
- D. demand is highly inelastic
Question 43
Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?
- A. Both the price and the quantity fall
- B. The price rise and the quantity falls
- C. The price falls and the quantity rises
- D. Both the price and the quantity rise
Question 44
Price can be defined as?
- A. a rate of exchange
- B. a mediumof exchange
- C. the cost of product
- D. the standard of accounting
Question 45
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
- A. The same as equilibrium supply
- B. Greater than equilibrium supply
- C. Less than the equilibrium supply
- D. Determined later by government
- E. None of these
