Demand and Supply
GCE Economics

( a) Define the term 'demand' as used in economics. (2 marks) (b) State and explain FOUR factors that can cause a rightward shift in the demand curve for a commodity. (8 marks) (c) With the aid of a c…

(a) Explain the concept of 'price elasticity of supply' and state the formula for calculating it. (4 marks) (b) Explain THREE factors that determine the price elasticity of supply of a commodity. (6 m…

The demand for petrol by private car owners in Nigeria is best described as

If the quantity supplied of yam increases from 400 to 500 bags when the price rises from ₦2,000 to ₦2,500 per bag, the price elasticity of supply is

A market is in equilibrium when the price of a bag of rice is ₦50,000 and the quantity traded is 200 bags. If the government imposes a price ceiling of ₦40,000, the most likely outcome is

The demand schedule below shows the relationship between price and quantity demanded for a commodity. If the price falls from ₦8 to ₦6, the price elasticity of demand using the midpoint method is appr…

When the supply of a commodity is perfectly inelastic, the supply curve is

If the cross elasticity of demand between two goods X and Y is negative, the two goods are

At a price of ₦500 per unit, a seller supplies 1,000 units of a commodity. When the price rises to ₦600 per unit, supply increases to 1,300 units. What is the price elasticity of supply?

An increase in the wage rate of workers in a cassava processing factory in Nigeria will, all other things being equal, cause

Which of the following will cause a rightward shift in the demand curve for Nigerian palm oil?