The hoarding of goods is usually experienced when
Supply is greater than demand
The market price above the equilibrium price
Demand is greater than supply
Excess demand is greater than excess supply
Correct answer is C
In economics, hoarding is the deliberate effort made by a seller or a producer of a particular commodity to create artificial scarcity of such commodity by keeping it locked up in his store and not releasing it to the market to circulate for sales.
This is done when the demand for such a good is high leading to high prices. Most of the fuel scarcity issue experienced in Nigeria is caused by hoarding.
Under perfect competition, the short-run supply curve of a firm is determined by its
Total cost curve
Marginal cost curve
Average fixed cost curve
Average cost curve
Correct answer is B
No explanation has been provided for this answer.
In a car assembly plant, division of labour is demonstrated by
Assigning each worker to a specific activity
Assigning each worker a given number to produce
Increasing the daily output
Producing a specific model
Correct answer is A
No explanation has been provided for this answer.
An example of a long-run cost of a firm is
Fuel and maintenace cost
The planned size of plant equipment
The existing size of plant and equipment
Rent on buildings
Correct answer is A
Long-run costs are costs that change from time to time. From the above options, expenses on fuel and maintenance are variable cost.
An increase in the quantity supplied of commodity suggests
A leftward shift of the supply curve
A rightward shift of the supply curve
A movement along the supply curve
An increase in elasticity of supply
Correct answer is C
No explanation has been provided for this answer.