Equilibrium Price And Quantity In Product And Factor Markets - Economics Jamb Past Questions and Answers

Question 6 :

• JAMB 2015

A market will be at equilibrium when

A. Demand and supply are equal
B. Demand is greater than supply
C. Price is higher
D. Supply is greater than demand

Question 7 :

• JAMB 2014

Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.

A. 34
B. 32
C. 36
D. 16

Question 8 :

• JAMB 1978

In the diagram equilibrium price is:

A. P₂
B. P_o
C. P₁
D. Indeterminate
E. Between P_o and P₁ Diagram P.2

Question 9 :

• JAMB 1979

When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

A. Elastic supply
B. Joint demand
C. Excess supply
D. Derived demand
E. None of the above

Question 10 :

• JAMB 1980

Price control indicate the following

A. Price is fixed at equilibrium level
B. Price is fixed above equilibrium level
C. Price is not fixed but determined by demand and supply
D. Price is fixed below equilibrium level
E. None of the above