Marginal Cost And The Supply Curve Of A Firm Jamb Economics Past Questions
Question 1
If wage rate is less than the average revenue product, the firms would be earning________
- A. loss
- B. super normal profit
- C. normal profit
- D. higher revenue
Question 2
A firm incurs short-run costs when
- A. It cannot increase prices
- B. Operation is at its later stages
- C. Operation is at its early stages
- D. Some inputs cannot be varied
Question 3
An increase in the marginal cost of production causes
- A. A downward movement along the supply curve
- B. A leftward shift of the supply curve
- C. A rightward shift of the supply curve
- D. An upward movement along the supply curve
Question 4
The interest charged on loans is determined by the __________?
- A. Exchange rate
- B. Fiscal policy
- C. Risk associated with the loan
- D. Rate of production in the country
Question 5
What is the average total cost when the output is 200 units in the table above is
- A. N1.00
- B. N2.0
- C. N1.20
- D. N2.40
