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Elasticity of Supply - Jamb Economics Past Questions and Answers

Jamb Economics Past Questions

Questions and Answers on Elasticity of Supply

Question 21:

JAMB 2012

The cost elasticity of supply is a useful instrument for measuring

A. Profit
B. Productivity
C. National income
D. Price index

View Answer & Explanation

Question 22:

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

View Answer & Explanation

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