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WAEC Economics questions: Theory of supply

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

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  1. Question 1· Theory of supply· WAEC

    Which pair shows joint supply?

    Explanation and discussion

  2. Question 2· Theory of supply· WAEC

    An increase in the cost of fertiliser will shift the supply curve of maize

    Explanation and discussion

  3. Question 3· Theory of supply· WAEC

    The law of supply states that, other things being equal,

    Explanation and discussion

  4. Question 4· Theory of supply· WAEC

    When more cattle are slaughtered for beef, more hides become available. Beef and hides are in

    Explanation and discussion

  5. Question 5· Theory of supply· WAEC

    Supply of agricultural products is often inelastic in the short run because

    Explanation and discussion

  6. Question 6· Theory of supply· WAEC

    A movement along a supply curve is caused by a change in

    Explanation and discussion

  7. Question 7· Theory of supply· WAEC

    An increase in the cost of raw materials will cause the supply curve of a product to

    Explanation and discussion

  8. Question 8· Theory of supply· WAEC

    An increase in the price of fertiliser will

    Explanation and discussion

  9. Question 9· Theory of supply· WAEC

    Joint supply occurs when

    Explanation and discussion

  10. Question 10· Theory of supply· WAEC

    A subsidy to producers will

    Explanation and discussion

  11. Question 11· Theory of supply· WAEC

    Good weather that increases the harvest of tomatoes will

    Explanation and discussion

  12. Question 12· Theory of supply· WAEC

    Supply of agricultural products is inelastic in the short run because

    Explanation and discussion

  13. Question 13· Theory of supply· WAEC

    An increase in the cost of production will cause the supply curve to

    Explanation and discussion

  14. Question 14· Theory of supply· WAEC

    The supply of fresh tomatoes is fairly inelastic in the short run because

    Explanation and discussion

  15. Question 15· Theory of supply· WAEC

    Supply is defined as the quantity of a good that sellers are

    Explanation and discussion

  16. Question 16· Theory of supply· WAEC

    Supply is said to be perfectly inelastic when

    Explanation and discussion

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