Economics Past Questions and Answers

An economic system where the central planning authority determines what goods to produce and in what quantity is known as

The main objective of setting up a private business organization is to

The demand and supply function of a commodity are given as below. <br/>Qd = 20 - 2p<br/>Qs = 6p - 12<br/>Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is

The type of demand that exist between torchlight and battery is

When the price of a commodity increases and the quantity demanded also increases, this is a case of