JAMB Economics 2008 Objective — Question 16

Question 16 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2008 Objective paper, with the correct answer and a full explanation.

If price is increased to N3, how much is the excess supply?

A. 30
B. 22
C. 12
D. 8Correct

Explanation

If price increases to N3: Qd=20-4(3)=8. Qs=6(3)+12=30. Excess supply = Qs-Qd = 30-22 = 8.

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