JAMB and WAEC Economics questions: Theory of price determination

30 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· WAEC
When government fixes a maximum price below equilibrium, the result is
Explanation and discussion
Question 4· Theory of price determination· JAMB
A minimum wage fixed above the equilibrium wage is likely to cause
Explanation and discussion
Question 5· Theory of price determination· WAEC
A minimum wage set above the market wage is likely to cause
Explanation and discussion
Question 6· Theory of price determination· JAMB
Equilibrium price is reached where
Explanation and discussion
Question 7· Theory of price determination· WAEC
If demand increases and supply remains unchanged, the equilibrium price will
Explanation and discussion
Question 8· Theory of price determination· WAEC
A maximum price fixed below the equilibrium price leads to
Explanation and discussion
Question 9· Theory of price determination· WAEC
Government fixes the pump price of fuel well below the price the market would set. The most likely result is
Explanation and discussion
Question 10· Theory of price determination· JAMB
Rationing is often introduced along with
Explanation and discussion
Question 11· Theory of price determination· WAEC
The price at which quantity demanded equals quantity supplied is the
Explanation and discussion
Question 12· Theory of price determination· WAEC
Given Qd = 60 − 2P and Qs = 3P − 15, find the quantity bought and sold at equilibrium.
Explanation and discussion
Question 13· Theory of price determination· WAEC
Equilibrium price is the price at which
Explanation and discussion
Question 14· Theory of price determination· WAEC
If demand is Qd = 60 − 2P and supply is Qs = 4P, the equilibrium price is
Explanation and discussion
Question 15· Theory of price determination· JAMB
A minimum price fixed above the equilibrium price causes
Explanation and discussion
Question 16· 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 17· Theory of price determination· WAEC
A minimum wage set above the equilibrium wage may cause
Explanation and discussion
Question 18· Theory of price determination· WAEC
At the equilibrium price,
Explanation and discussion
Question 19· Theory of price determination· JAMB
If the government fixes a maximum price below the equilibrium price, the likely result is
Explanation and discussion
Question 20· Theory of price determination· JAMB
A price floor set above the equilibrium price leads to
Explanation and discussion

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JAMB and WAEC 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

When government fixes a maximum price below equilibrium, the result is

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

A minimum wage set above the market wage is likely to cause

Equilibrium price is reached where

If demand increases and supply remains unchanged, the equilibrium price will

A maximum price fixed below the equilibrium price leads to

Government fixes the pump price of fuel well below the price the market would set. The most likely result is

Rationing is often introduced along with

The price at which quantity demanded equals quantity supplied is the

Given Qd = 60 − 2P and Qs = 3P − 15, find the quantity bought and sold at equilibrium.

Equilibrium price is the price at which

If demand is Qd = 60 − 2P and supply is Qs = 4P, the equilibrium price is

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.

A minimum wage set above the equilibrium wage may cause

At 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