The Theory of Supply - Jamb Economics Past Questions and Answers

Question 41:

• JAMB 2001

A change in supply is best described as a?

A. Movement along the supply curve
B. Shift of the supply curve to the left or to the right
C. Shift of the supply curve to the left
D. Shift of the supply curve to the left

Question 42:

• JAMB 2001

A vertical supply curve indicates that?

A. The quantity supplied is responsive to price
B. The same fixed quantity will be supplied no matter the price
C. An increase in price will result in an increase in the quantity supplied
D. There is a fixed price for the commodity below which no supply will be made

Question 43:

• JAMB 2002

The elasticity of supply of perishable goods is?

A. Unitary
B. Inelastic
C. Zero
D. Elastic

Question 44:

• JAMB 2002

The elasticity of supply of perishable goods is?

A. Unitary
B. Inelastic
C. Zero
D. Elastic

Question 45:

• JAMB 2002

A shift in supply curve indicates that a different quantity will be supplied at each possible price because?

A. Consumers are willing to pay higher prices
B. Supply is facing competition
C. Other factors than price have changed
D. Price has changed