by Sunday | Mar 26 | Economics WAEC
A. competitive supply B. joint supply. C. composite supply D. joint demand Correct Answer: Option B = joint supply. Explanation Joint supply refers to a product that can end up being transformed into at least two other types of goods. for instance, hides are a natural...
by Sunday | Mar 26 | Economics WAEC
A. more is sold at different prices B. more is sold at the same price C. there is a leftward shift of the supply curve D. there is a movement along the supply curve Correct Answer: Option B – more is sold at the same price Explanation An increase in supply...
by Sunday | Mar 26 | Economics WAEC
A. 2.00 B. 1.50 C. 1.00 D. 0.50 Correct Answer: Option A = 2.00 Explanation The price elasticity of supply = % change in quantity supplied / % change in price % change in quantity supplied = 250 – 200 = 50 50/200 x 100 = 25 Therefore, price elasticity of supply...
by Sunday | Mar 26 | Economics WAEC
A. decreases as price falls B. increases as income rises C. decreases as income increases D. increases as price increases Correct Answer: Option C = decreases as income increases Explanation In economics, an inferior good is a good whose demand drops when...
by Sunday | Mar 26 | Economics WAEC
A. his market Supply is equal to his market demand B. he maximizes his satisfaction from spending his income C. the market is also in equilibrium D. he has consumed all he wants Correct Answer: Option B – he maximizes his satisfaction from spending his income...
by Sunday | Mar 26 | Economics WAEC
A. total utility B. marginal utility C. average utility D. time utility Correct Answer: Option B – marginal utility
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