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

Question 11 :

• JAMB 1981

An equilibrium price?

A. Keeps excess demand within limits
B. Keeps excess supply within limits
C. Generates the greatest possible demand and supply
D. Generates the greatest possible profits
E. Equates the quantity supplied to be equal to the quantity demanded.

Question 12 :

• JAMB 1982

The equilibrium market price is determined at a point where?

A. Consumers can buy all they desire
B. Sellers can dispose of all their wares
C. The price is moderate
D. Quantity consumers desires equal quantity sellers offer
E. Sellers and buyers are not quarrelling

Question 13 :

• JAMB 1983

What is the market equilibrium price?

A. 5.00
B. 8.00
C. 9.00
D. 7.00
E. 6.00

Question 14 :

• JAMB 1988

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

A. Both the price and the quantity fall
B. The price rise and the quantity falls
C. The price falls and the quantity rises
D. Both the price and the quantity rise

Question 15 :

• JAMB 1988

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

A. P = 12, Q = 16
B. P = 15, Q = 10
C. P = 12, Q = 14
D. P = 16, Q = 12