Short-run And Long-run Costs Jamb Economics Past Questions
Question 6
If AC and MC are represented on a graph, the MC curve will cut the AC curve_______
- A. at the maximum point on the AC curve
- B. at the highest point on the AC curve
- C. at the minimum point on the AC curve
- D. at the peak
Question 7
In the figure above, The broken line labelled M is the marginal revenue curve of a
- A. Monopoly
- B. Competitive firm
- C. State corporation
- D. Partnership
- E. Monophony
Question 8
In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by
- A. TX
- B. RT
- C. ST
- D. TY
Question 9
In the diagram below, the curve which represents firm's short-run average variable cost is curve
- A. l
- B. ll
- C. lll
- D. IV
Question 10
In a price-taking firm, the portion UT above is the firm's
- A. average revenue curve
- B. Long-run average cost curve
- C. demand curve
- D. supply curve
