The Theory of Price Determination - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 2015

From the diagram, determine the profit-maximizing output

A. 600
B. 800
C. 900
D. 1000

Question 12:

• JAMB 2015

The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price

A. N4
B. N8
C. N2
D. N10

Question 13:

• JAMB 2015

The practice of selling goods overseas and often below the cost of production is known as

A. Retailing
B. Dumping
C. Internal trade
D. Advertising

Question 14:

• 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 15:

• JAMB 2014

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

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