The Theory of Supply - Jamb Economics Past Questions and Answers

Question 51:

• JAMB 2005

The short-run inelasticity of supply of agricultural produce causes

A. Stability in prices
B. A steady rise in prices
C. A steady decline in prices
D. Instability in prices

Question 52:

• JAMB 2005

An increase in the quantity supplied of commodity suggests

A. A leftward shift of the supply curve
B. A rightward shift of the supply curve
C. A movement along the supply curve
D. An increase in elasticity of supply

Question 53:

• JAMB 2005

The hoarding of goods is usually experienced when

A. Supply is greater than demand
B. The market price above the equilibrium price
C. Demand is greater than supply
D. Excess demand is greater than excess supply

Question 54:

• JAMB 2007

A firm operating at full capacity will have a

A. Perfectly inelastic supply curve
B. Perfectly elastic supply curve
C. Fairly elastic supply curve
D. Fairly inelastic supply curve

Question 55:

• JAMB 2007

The coefficient of the price elasticity of supply is always

A. Positive
B. Negative
C. Constant
D. Zero