The Theory Of Supply - Economics Jamb Past Questions and Answers

Question 71 :

• JAMB 2013

One of the major factors that brings about changes in supply is

A. Market discrimination
B. Availability of storage facilities
C. The cost of storage
D. Incentives granted to workers

Question 72 :

• JAMB 2013

If the supply of a product is elastic, a small reduction in price will

A. Reduce the cost of production
B. Reduce the quantity supplied
C. Increase the quantity supplied
D. Lead to no change in the quantity supplied