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

Question 1 :

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2 :

• JAMB 2017

The equilibrium price clears the market; it is the price at which___________

A. Everything is sold
B. Buyers spend all their money
C. Excess demand is zero
D. None of the above

Question 3 :

• JAMB 2016

From the graph above P2 in price control situation is referred

A. Minimum price
B. Shut-down price
C. Maximum price
D. Mark-up price

Question 4 :

• JAMB 2015

From the diagram, determine the profit-maximizing output

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

Question 5 :

• 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