Question 251:

• JAMB 2016

The overall demand for crude oil for various uses is an example of __________?

A. Derived demand
B. Competitive demand
C. Composite demand
D. Complementary demand

Question 252:

• JAMB 2016

One of the factors limiting the effectiveness of division of labour in the production process is the

A. Prevailing wage rate
B. Level of technology
C. Unemployment rate
D. Population size

Question 253:

• JAMB 2016

What effect would a change in price of a commodity have on its supply?

A. An increase in supply
B. No change in supply
C. A decrease in supply
D. A change in the quantity supplied

Question 254:

• JAMB 2016

From the graph above P2 in price control situation is referred

A. Minimum price
B. Shut-down price
C. Maximum price
D. Mark-up price

Question 255:

• JAMB 2016

The additional cost incurred by producing an additional unit of output is known as

A. Fixed cost
B. Total cost
C. Average cost
D. Marginal cost