by Sunday | Apr 18 | Economics WAEC
A. improved technology B. cost of production C. the price of the commodity D. government tax policies Correct Answer: Option C = the price of the commodity Explanation Some of the factors that may cause a change in supply include; changes in the costs of...
by Sunday | Apr 18 | Economics WAEC
A. a fall in equilibrium price and quantity B. an increase in equilibrium price and quantity C. an increase in equilibrium price and a fall in quantity D. both equilibrium price and quantity will remain unchanged Correct Answer: Option D = both equilibrium price and...
by Sunday | Apr 18 | Economics WAEC
A. joint B. competitive C. composite D. derived Correct Answer: Option B – competitive
by Sunday | Apr 18 | Economics WAEC
A. a normal good B. a luxury C. a necessity D. an inferior good Correct Answer: Option D – an inferior good Explanation An inferior good is one whose demand drops when people’s incomes rise.
by Sunday | Apr 18 | Economics WAEC
A. -%27.50 A. -%12.50 C. $12.50 D. -$27.50 Correct Answer: Option C = $12.50 Explanation When price is 15.0, quantity demanded = Qd = -0.5(15.0)+ 20 Qd = -7.5 + 20 = $12.5
by Sunday | Apr 18 | Economics WAEC
A. parallel to the quantity axis B. parallel to the price axis C. negatively sloped D. positively sloped Correct Answer: Option B – parallel to the price axis Explanation When the coefficient of price elasticity of demand is equal to zero, it means demand is...
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