Supply Curves Jamb Economics Past Questions
Question 1
The supply curve above is
- A. Fairly inelastic
- B. Perfectly inelastic
- C. Unitary elastic
- D. Perfectly elastic
Question 2
If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is
- A. a change in supply
- B. a change in the quantity supplied
- C. an increase in the quantity supplied
- D. a increase in the quantity supplied
Question 3
The supply curve of a perfectly competitive firm is identical to its
- A. total cost
- B. marginal cost
- C. fixed cost
- D. variable inputs
Question 4
A vertical supply curve indicates that?
- A. the quantity supplied is responsive to price
- B. the same fixed quantity will be supplied no matter the price
- C. an increase in price will result in an increase in the quantity supplied
- D. there is a fixed price for the commodity below which no supply will be made
Question 5
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
- A. consumers are willing to pay higher prices
- B. supply is facing competition
- C. other factors than price have changed
- D. price has changed
