JAMB Economics Past Questions & Answers - Page 346

1,726.

For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be

A.

Downward sloping and price inelastic

B.

Perfectly price elastic

C.

Downward sloping but price inelastic

D.

Perfectly price inelastic

Correct answer is B

No explanation has been provided for this answer.

1,727.

The marginal theory of distribution makes an assertion that the price of any factor depends upon its marginal

A.

Utility

B.

Productivity

C.

Rate of substitution

D.

Revenue

Correct answer is B

No explanation has been provided for this answer.

1,728.

Which of the following factors is an important determinant of the magnitude of price elasticity of demand?

A.

The production period

B.

Cost of storage

C.

Durability of the product

D.

Availability of factors of production

Correct answer is C

No explanation has been provided for this answer.

1,729.

If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?

A.

Static

B.

Infinitely elastic

C.

Externally determined

D.

Perfectly inelastic

Correct answer is D

No explanation has been provided for this answer.

1,730.