JAMB Economics 2014 Objective — Question 11

Question 11 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.

From the indifference-curve/budget-line graph, the consumer will attain equilibrium at point

A. M
B. J
C. KCorrect
D. L

Explanation

The equilibrium point requires that the indifference curve be tangential to the budget line. This occurs at both J and K, but K falls on a higher indifference curve and is tangential to the budget line.

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