The Theory of Supply - Jamb Economics Past Questions and Answers

Question 61:

• JAMB 2009

A decrease in supply without a corresponding change in demand will lead to

A. An increase in equilibrium price and a decrease in equilibrium quantity
B. A decrease in equilibrium price and an increase in equilibrium qantity
C. A decrease in equilibrium price and equilibrium quantity
D. An increase in equilibrium price and quantity

Question 62:

• JAMB 2010

A set of factors that can shift the supply curve are changes in

A. Weather, price and technology
B. Technology, weather and population
C. Technology, price and taste
D. Population, price and taste

Question 63:

• JAMB 2010

If the coefficient of price elasticity of supply is greater than one, the supply is said to be

A. Perfectly elastic
B. Fairly inelastic
C. Infinitely inelastic
D. Fairly elastic

Question 64:

• JAMB 2010

If commodity X is a by-product of commodity Y , this implies that both commodities are

A. In competitive supply
B. In composite supply
C. Jointly supplied
D. In excess supply

Question 65:

• JAMB 2011

If a firm is faced with an elastic supply curve, its revenue will

A. Be supplied at a higher price
B. Double at a higher price
C. Increase by more than the percentage increase in price
D. Equal percentage change in price