The demand and supply function of a commodity are given as below. Qd = 20 - 2p Qs = 6p - 12 Where p = price in naira, Qd = Quantity demanded and Qs = Quanti...

All the following are features of market economies except

In a capitalist economy, resources are

the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

choice is necessitated by

The concept of opportunity cost is also referred to as

» the study of economics becomes necessary because of the

An economic system where the central planning authority determines what goods to produce and in what quantity is known as

A type of unemployment which occurs due to technological progress is called