JAMB Economics 2023 Objective — Question 14

Question 14 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.

The graph above represents

A. (A) Equilibrium position of a consumerCorrect
B. (B) National income equilibrium
C. (C) Market equilibrium
D. (D) production possibility curve

Explanation

The graph combines a budget line with indifference curves, showing the point where a consumer maximises satisfaction subject to their budget — the equilibrium position of a consumer.

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