JAMB Economics questions: Theory of price determination

16 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 1· Theory of price determination· JAMB
Qd = 100 − 4P and Qs = 6P − 20. Find the equilibrium price.
Explanation and discussion
Question 2· Theory of price determination· JAMB
If Qd = 100 − 4P and Qs = 6P, the equilibrium quantity is
Explanation and discussion
Question 3· Theory of price determination· JAMB
A minimum wage fixed above the equilibrium wage is likely to cause
Explanation and discussion
Question 4· Theory of price determination· JAMB
Equilibrium price is reached where
Explanation and discussion
Question 5· Theory of price determination· JAMB
Rationing is often introduced along with
Explanation and discussion
Question 6· Theory of price determination· JAMB
A minimum price fixed above the equilibrium price causes
Explanation and discussion
Question 7· Theory of price determination· JAMB
The demand and supply functions of a good are Qd = 100 − 2P and Qs = 20 + 2P. Find the equilibrium price.
Explanation and discussion
Question 8· Theory of price determination· JAMB
If the government fixes a maximum price below the equilibrium price, the likely result is
Explanation and discussion
Question 9· Theory of price determination· JAMB
A price floor set above the equilibrium price leads to
Explanation and discussion
Question 10· Theory of price determination· JAMB
A tax on a good shifts its supply curve
Explanation and discussion
Question 11· Theory of price determination· JAMB
The equilibrium price of a commodity is the price at which
Explanation and discussion
Question 12· Theory of price determination· JAMB
Hoarding of goods by traders usually leads to
Explanation and discussion
Question 13· Theory of price determination· JAMB
If both demand and supply increase by the same amount, equilibrium
Explanation and discussion
Question 14· Theory of price determination· JAMB
If supply falls while demand stays the same, the equilibrium
Explanation and discussion
Question 15· Theory of price determination· JAMB
Using Qd = 100 − 4P and Qs = 6P − 20, find the equilibrium quantity.
Explanation and discussion
Question 16· Theory of price determination· JAMB
If demand for a good increases while supply is unchanged, the equilibrium price will
Explanation and discussion

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JAMB Economics questions: Theory of price determination

Qd = 100 − 4P and Qs = 6P − 20. Find the equilibrium price.

If Qd = 100 − 4P and Qs = 6P, the equilibrium quantity is

A minimum wage fixed above the equilibrium wage is likely to cause

Equilibrium price is reached where

Rationing is often introduced along with

A minimum price fixed above the equilibrium price causes

The demand and supply functions of a good are Qd = 100 − 2P and Qs = 20 + 2P. Find the equilibrium price.

If the government fixes a maximum price below the equilibrium price, the likely result is

A price floor set above the equilibrium price leads to

A tax on a good shifts its supply curve

The equilibrium price of a commodity is the price at which

Hoarding of goods by traders usually leads to

If both demand and supply increase by the same amount, equilibrium

If supply falls while demand stays the same, the equilibrium

Using Qd = 100 − 4P and Qs = 6P − 20, find the equilibrium quantity.

If demand for a good increases while supply is unchanged, the equilibrium price will