2010 - JAMB Economics Past Questions and Answers - page 2

If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

A set of factors that can shift the supply curve are changes in

If the coefficient of price elasticity of supply is greater than one, the supply is said to be

If commodity X is a by-product of commodity Y , this implies that both commodities are

In perfect competition,price is determined by the

In order to reduce hardship faced by consumers due to high prices government can introduce

Average product is less than marginal product when

A firm enjoying economies of scale is said to be

The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing

An industry's supply curve is more likely to be elastic when firms are