Question 4181:

• WAEC 2021

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

A. Price of commodity X will increase
B. Demand for the substitute of commodity X will decrease
C. Demand for commodity X will decrease
D. Supply of both commodity X and its substitute will increase.

Question 4182:

• WAEC 2021

An increase in market supply is caused by the following factors except _______________

A. An improvement in innovation and technology.
B. An increase in the price of the commodity
C. A reduction in the cost of raw materials.
D. A favourable weather condition.

Question 4183:

• WAEC 2021

The coefficient of price elasticity of supply of land is usually _______________

A. One
B. Greater than one
C. Zero
D. Less than one.

Question 4184:

• WAEC 2021

The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply _______________

A. Unitary elastic.
B. Perfectly inelastic.
C. Fairly elastic.
D. Inelastic.

Question 4185:

• WAEC 2021

The leftward shift in the supply curve for a commodity indicates _______________

A. An increase in quantity supplied
B. A decrease in supply.
C. A reduction in quantity supplied.
D. An increase in supply.