Jamb Economics Past Questions For Year 1990
Question 16
At the point of profit maximization by a firm, marginal cost is?
- A. minimum
- B. falling
- C. constant
- D. rising
Question 17
Economics of scale operate only when?
- A. marginal cost is falling with input
- B. average cost is falling with output
- C. fixed cost is variable
- D. variable cost is less than fixed cost
Question 18
Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?
- A. Cost of production is at a medium
- B. The plant is of optimum size
- C. Price is above marginal revenue
- D. Average variable cost is at a minimum
Question 19
The tailoring services is competitive partly because it consists of a large number of?
- A. large-scale enterprises
- B. medium scale enterprises
- C. small scale enterprises
- D. government-owned enterprises
Question 20
An imperfect market in which there is only one buyer of a commodity is?
- A. monopsony
- B. oligopoly
- C. monoploy
- D. duopoly
