Producers Equilibrium Jamb Economics Past Questions
Question 1
The sufficient condition for a firm to be in equilibrium is that the
- A. firm must show that it is profitable
- B. marginal cost must be equal to average revenue
- C. marginal revenue curve is above the average revenue curve
- D. marginal cost curve cuts the marginal revenue curve from below
Question 2
Which of the following is NOT illustrated by the production possibility curve
- A. Risk
- B. Scarcity
- C. Opportunity cost
- D. Allocative efficiency
Question 3
In the diagram above, profit is maximized at 1 he output level
- A. ON
- B. OK
- C. OL
- D. OF
Question 4
The maximum number of workers that should be hired is
- A. 2
- B. 3
- C. 4
- D. 5
Question 5
The optimum level of output of the firm is
- A. BC
- B. OB
- C. OS
- D. BS
