ECO121

A. For a price ceiling to be a binding constraint on the market, the government must set it ___________

B. The price elasticity of supply tends to be more inelastic as the firm's production facility reaches  ________ capacity.

C. The demand curve facing a monopolist is price ___________

D. If the equilibrium price of  petrol is N1.00 per litre and the government places a price ceiling on petrol of  N1.50 per litre, the result will be ____________ of petrol

E. Price _________ is the direct opposite of price _________

F. One of the basic economic systems is _________

G. A price floor _________________

H. All except _________ are referred to as complementary goods.

I. Tea and coffee are complimentary goods. True or False? ________

J. Expectation of a rise in price of goods may force people into what is called _________

K. __________demand is a demand wherein quantity demanded does not respond at all to price change.

L. The total quantity demanded at each price by Ganiyat, Wilson, Vivian, Olusanya, Adedeji, Obaka and others is the ______ for the month.

M. Income elasticity of demand is ________________

When definite quantities are demanded at particular prices for a particular commodity especially when the lower and higher prices
are considered, then we have what we call ___________

O. If supply is price inelastic, the value of the price elasticity of supply must be ________

P. The relationship between the price and quantity of a good offered to the market for sale is known as ________

Q. The total quantity demanded at each price by consumers is the _________

R. Another name for price ceiling is _________ which occurs when the government set a maximum price that can be charged for a product in the market

S. Controlled or Planned economies are usually associated with ___________ and __________

T. All except __________ is right about perfect market

U. The point at which the demand and the supply curve intersect each other is known as the ___________

V. An economic system consists of ________ and ________ and their interaction in the process of answering basic economic problems

W. If the income elasticity of demand for a good is negative, it must be __________

X. If the cross-price elasticity between two goods is negative, the two goods are likely to be ___________

Y. A situation where firms in an industry agreed to fixing prices and outputs is known as _________

Z. Economics is the study of____________

AA. ________ is another name for price determination in economics

AB. If there is excess capacity in a production facility, it is likely that the firm's supply curve is _________

AC. Supply curve is a graphical representation of __________schedule.

AD. Price and _________ effects are better used in explaining the link between demand and price.

AE. In choice making, relative worth of different goods and services are considered. This consideration is known as satisfaction, but to economist it is called

AF. The basic economics problems are ________ and _________

AG. Ayodeji could buy a kilogram of ice cream with N500 but opted for 2 kilograms of candy for the same amount. This is an example of _________

AH. Bread and butter are complimentary goods. True or False?

AI. ________ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from alternative products

AJ. If the price elasticity of supply for blue jeans is 1.3, an increase in the price of blue jeans of 10 percent would increase the quantity supplied of blue jeans by _________ percent

AK. Perfectly Inelastic is also known as _________

AL. __________ is a good example of natural monolist

AM. A graphical representation showing the relationship between price and quantity demanded of a good at a particular point in time is called ________

AN. A sudden increase in price of a commodity means a reduction in the consumption power of the consumer; as a result of fall in their real income. This situation is referred to as ___________

AO. _________ of demand can be describe as proportional or percentage change in quantity demanded as a result of proportional or percentage change in that commodity’s price.

AP. In a market where over 100 people sell all the network airtime, the sellers become __________

__________ is the effect of a change in price on quantity demanded as a result of switching by consumers to alternative or from
alternative products.

AR. A binding price ceiling creates __________

If 20 percent increase in price of needle drives down quantity demanded by 2 percent, elasticity for
needle is calculated as_________

AT. The price elasticity of demand is defined as _________

AU. When prices and quantities are implicitly by a firm, we a case of __________

AV. A rise in prices of goods and services will mean __________ in quantity demanded.

AW. According to law of demand when prices rise, quantity demanded is expected to fall ceteris paribus (all things been equal). This shows that here is a_________relationship between price and demand.

AX. The higher the price the _________ the quantity supplied, the lower the price the __________ the quantity supplied

_________ is not a tool that is used to describe and evaluate the market processes by which individuals allocate scarce resources to satisfy
as many wants as possible

AZ. If government decides to subsidize a good, there will be _________ for producer