Question 681:

• JAMB 1983

Demand for a factor of production is?

A. A composite demand
B. A joint demand
C. A derived demand
D. An elastic demand
E. Cross-elasticity of demand

Question 682:

• JAMB 1983

Differentiated product is the characteristic feature of?

A. Perfect competition
B. Pure competition
C. Monopolistic competition
D. Monopoly
E. Oligopoly

Question 683:

• JAMB 1983

Nigeria is currently implementing the?

A. Third development plan
B. Second development plan
C. Fourth development plan
D. Fifth development plan

Question 684:

• JAMB 1983

What is the market equilibrium price?

A. 5.00
B. 8.00
C. 9.00
D. 7.00
E. 6.00

Question 685:

• JAMB 1983

In the diagram P₁ S is a supply curve for a manufactured. it is shows that

A. When price is OP₁ quantity supplied is infinitely elastic
B. The higher the price the greater the quantity supplied
C. The higher the price the lower the quantity supplied
D. When price is zero quantity supplied becomes infinite
E. When price is infinite quantity supplied becomes zero