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

Question 16 :

• JAMB 1990

Technical progress that leads to a reduction in costs results in?

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

Question 17 :

• JAMB 1993

If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?

A. Greater than the equilibrium supply
B. Smaller than the equilibrium supply
C. The same as the equilibrium supply
D. A determinant of the market forces of equilibrium

Question 18 :

• JAMB 1994

What is the equilibrium quantity?

A. 50
B. 250
C. 350
D. 450

Question 19 :

• JAMB 1994

Above the equilibrium point, a further rise in price tends to

A. Increase demand and restrict supply
B. Restrict demand and decrease supply
C. Increase demand and decrease supply
D. Decrease demand and increase supply

Question 20 :

• JAMB 1995

In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?

A. Slightly increase the price of his product
B. Slightly reduce the price of his products
C. Leaves his price unchanged
D. Discriminate his prices