This question is based on ‘The Lekki Headmaster’. What did Mr. Audu contribute to the meeting after the grammatical error was resolved?

JAMB English Language 2024 200 views
Source: JAMB · 2024

This question is based on ‘The Lekki Headmaster’.

What did Mr. Audu contribute to the meeting after the grammatical error was resolved?

  1. He apologized to the MD for the confusion.
  2. He suggested a better way to handle the situation.
  3. He joked about the MD’s embarrassment and lightened the mood. ✓
  4. He criticized the staff for their reactions.
Explanation

Elasticity of supply measures responsiveness of quantity supplied to price change. Elastic supply (Es > 1): quantity changes more than price. Inelastic supply (Es < 1): quantity changes less than price.

Factors: time (supply more elastic over time as firms adjust), storage possibility, spare capacity, mobility of factors. Agricultural supply often inelastic short-term (crops take time to grow).

Perfectly elastic supply: horizontal supply curve, any quantity at same price. Perfectly inelastic: vertical supply curve, fixed quantity regardless of price. Most goods fall between extremes.

Was this explanation helpful?

pastQuestions.ng pastquestions.ng