WHICH OF THE FOLLOWING WAS A SIGNIFICANT TRADE COMMODITY IN THE PRE-COLONIAL KINGDOM OF BENIN
A. Ivory ✓ B. Gold C. Rubber D. Salt The answer to the question is: A. Ivory In the pre-colonial Kingdom of Benin, ivory was a significant trade commodity. The Kingdom of Benin, located in what is now southern Nigeria, was known for its…
A CONSUMER OF A SINGLE COMMODITY IS IN EQUILIBRIUM WHEN
A. his marginal utility is equal to zero B. he can equate his demand with price C. he equates marginal utility and price ✓ D. he can equate his marginal and total utilities The answer to the question is: C. he equates marginal…
IF THE QUANTITY DEMANDED OF A COMMODITY INCREASES FROM 20 UNITS TO 30 UNITS WHEN THERE IS AN INCREASE IN PRICE FROM 4.00 DOLLARS TO 5.00 DOLLARS, THE ELASTICITY OF DEMAND IS
The elasticity of demand is a measure of the responsiveness of the quantity demanded of a commodity to a change in its price. It is calculated using the following formula: Elasticity of Demand = Percentage Change in Quantity Demanded /…
Study Guide
