The Effects Of Changes In Supply And Demand On Equilibrium Price And Quantity - 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

Given that Qd = 10 - 2p while Qs = 5 x 3P, if P = N 1 determine the equilibrium quantity

A. 7
B. 6
C. 5
D. 8

Question 3 :

• JAMB 2017

Excess supply over demand will place a price advantage on _____

A. Government
B. Foreign investors
C. Suppliers
D. Consumers

Question 4 :

• JAMB 1981

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

A. 15k, 13,000
B. 20k, 17,500
C. 13k, 20,000
D. 18k, 18,000
E. 18k, 15,000

Question 5 :

• JAMB 1981

Market for Garri: At a price of N5, the excess supply is`

A. 30 tins per week
B. 45 tins per week
C. 15 tins per week
D. 20 tins per week
E. Indeterminate