A group of firm producing similar commodities for the same market constitute

A. a cartel

B. an industry

C. a co-operative

D. wholesaler

A factor that has slowed down the rate of industrial development in West Africa is

A. inadequate technology

B. increasing rate of manpower production

C. increased demand for local goods

D. intervention of the government in business activities

To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its

A. marginal utility

B. total utility

C. average utility

D. variable utility

Price control refers to

A. the way of making more goods available in the market

B. a policy of ensuring stable price in the market

C. a general reduction in the price level

D. effective working of the forces of demand and supply

The desire for goods without the ability to pay is called

A. choice

B. effective demand

C. joint demand

D. wants

Amount of goods offered to the market at respective prices and presented in a table is called

A. price schedule

B. supply schedule

C. scale of preference

D. demand schedule

At the equilibrium price, quantity demanded is

A. greater than quantity supplied

B. equal to quantity supplied

C. less than quantity supplied

D. equal to excess supply

If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be

A. less than quantity demanded

B. equal to the qauntity demanded

C. greater than quantity demanded

D. equal to zero

One of the factors determining price elasticity of demand for a commodity is the

A. availability of close substitutes

B. number of producers

C. government policy

D. price of other commodities

If elasticity of demand for a commodity is less than one, demand is

A. unitary elastic

B. inelastic

C. infinetelt elastic

D. zero elastic