Producers Equilibrium Jamb Economics Past Questions
Question 6
Isocost and isoquant can be attributed to
- A. Theory of consumer behaviour
- B. Theory of cost
- C. Theory of production
- D. Theory of value
Question 7
The marginal productivity theory applies in a
- A. unionized labour market
- B. perfectly competitive market
- C. monopsonistic market only
- D. monopolistic market only
Question 8
The use of modern weaving machines in the production of local fabric will result in
- A. an increase in the demand for labour
- B. a decrease in the demand for labour
- C. an increase in wages
- D. a decrease in wages
Question 9
As the level of output increases, the average fixed cost of a firm will
- A. continue to decrease
- B. remain unchanged
- C. continue to increase
- D. be equal to the total cost
Question 10
The standard deviation of a set of data is
- A. always measured from the mode
- B. the most representative of averages
- C. always measured from the median
- D. a measure of dispersion
