2016 - WAEC Economics Past Questions and Answers - page 1
If the budget of the country was $7,200, how much is allocated to Education?
The demand curve for neccessity is usually
Necessity goods are products and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change.
What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will
if prices for inelastic goods are increased, the total revenue increases, but it would lead to a small decrease in quantity demanded. This means that firms that deal in inelastic goods or services can increase prices, selling a little less but making higher revenues.
The demand for torch and batteries is an example of
complementary demand. Demand for a product generated by the demand for a related but different product, such as by computers for software, vehicles for tires, shaving razors for blades.