Question 4166:

• WAEC 2020

(a) Distinguish between competitive demand and joint demand.
(b) Using diagrams, explain how the following factors will affect the equilibrium price and quantity of commodity R in the market
i. an increase in the price of the Complement of commodity R:
ii. an increase in the price of a substitute of commodity R
iii. imposition of an indirect tax on commodity

Question 4167:

• WAEC 2020

(a) Differentiate between subsistence farming and commercial farming.
(b) State four features of subsistence farming.
(c) Outlines two positive and two negative effects of mining on the economy of West African countries

Question 4168:

• WAEC 2021

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output(bags of rice	0	10	20	30	40	50	60
Total Cost ($)	100	200	300	380	440	520	600

The average cost of producing 40 bags of rice is ____________

A. $10
B. $11
C. $60.
D. $80

Question 4169:

• WAEC 2021

The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve ____________

A. Is above the average revenue curve
B. Slopes down to the right and is below the AR curve.
C. And the AR curve are downward sloping and are identical.
D. Is vertical while the average revenue curve is horizontal.

Question 4170:

• WAEC 2021

A major source of finance to the Railway Corporation in West African countries is ____________

A. Sale of shares
B. Government subvention
C. Trade credit
D. Surplus