Question 4186:

• WAEC 2021

Market supply may increase if there is an increase in the ______________

A. Price of the product
B. Prices of factors of production.
C. Tax paid on raw materials
D. Subsidies on raw materials.

Question 4187:

• WAEC 2021

Government can increase farmers' incomes by _______________

A. Fixing maximum prices.
B. Fixing minimum prices.
C. Encouraging them to produce surplus output.
D. Increasing taxes on inputs.

Question 4188:

• WAEC 2021

When market supply increases , the equilibrium price _______________

A. Rises and quantity falls.
B. Falls and quantity rises.
C. And quantity increase
D. And quantity fall.

Question 4189:

• WAEC 2021

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

A. $1.50
B. $15.00
C. $150.03
D. $166.67

Question 4190:

• WAEC 2021

The output of an extra unit of an input is referred to as ______________

A. Output of the input.
B. Marginal product of the input
C. Average product of the input
D. Utility of the input employed