Question 741· Theory of supply· WAEC
Supply is defined as the quantity of a good that sellers are
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Answer: C. willing and able to offer for sale at a given price and time
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All topicsAgriculture in Nigeria · 30Business organisations · 29Economic growth and development · 30Economic systems · 28Economics as a science · 30Factors of production · 28Financial institutions · 30Industry and industrialisation · 30International economic organisations · 29International trade · 32Market structures · 31Methods and tools of economic analysis · 29Money and inflation · 34National income · 36Natural resources and the Nigerian economy · 30Population · 30Public finance · 31The labour market · 31Theory of consumer behaviour · 30Theory of costs and revenue · 33Theory of demand · 43Theory of price determination · 30Theory of production · 29Theory of supply · 32
- Explanation and discussion
Question 742· Theory of supply· JAMB
A government subsidy to producers of a good shifts the supply curve
Explanation and discussionShow answer
Answer: D. to the right
Question 743· Theory of supply· JAMB
Supply is perfectly elastic when the supply curve is
Explanation and discussionShow answer
Answer: B. horizontal
Question 744· Theory of supply· WAEC
Supply is said to be perfectly inelastic when
Explanation and discussionShow answer
Answer: B. quantity supplied does not change as price changes
Question 745· Theory of supply· JAMB
Goods produced together such as petrol and kerosene from crude oil are in
Explanation and discussionShow answer
Answer: D. joint supply
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