Question 256:

• JAMB 2016

One of the factors that determine the supply of agricultural produce in Nigeria is

A. Price of substitutes
B. Technological development
C. Consumers choice
D. Consumers income

Question 257:

• JAMB 2016

From the graph above, fixing maximum price of garri below equilibrium prices at P1 will

A. Encourage the production of garri
B. Create an excess supply of garri
C. Increase the consumption of garri
D. Decrease the consumption of garri

Question 258:

• JAMB 2016

In the theory of the consumer behavior, a consumer is said to maximize utility when

A. Marginal utility of a commodity is equal to the price paid for it
B. Marginal utility of a commodity X is equal to the price of commodity Y
C. Average utility of a commodity is equal to the price paid for it
D. Total utility of a commodity is equal to the price paid for it

Question 259:

• JAMB 2016

One of the problems facing the Nigerian oil and gas industry is____________________?

A. Over-capacity utilization
B. The discovery of alternative oil sources
C. Shortage of indigenous manpower
D. The excess supply of petroleum products

Question 260:

• JAMB 2016

The demand curve faced by a monopolist is_____?

A. Positively sloped
B. Vertical
C. Downward sloping
D. Negatively Sloped