Economics Past Questions and Answers

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

The main function of price mechanism is to?

Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

The revenue accruing to the seller of commodity X as a result of a fall in price will

Which of the following is an important function of prices in a market economy?