Waec Economics Past Questions For Year 2006
Question 46
the market price of a commodity is normally determined by the
- A. law of demand
- B. interaction of the force of demand and supply
- C. total number of people in the market
- D. total quantity of the commodity in the market
Question 47
The equilibrium level of output of a monopolist is determined at a point where
- A. marginal cost equals average revenue
- B. marginal cost equals acerage cost
- C. marginal cost equals marginal revenue
- D. marginal revenue equals average cost
Question 48
advertising expenses would not be necessary under perfect competition because
- A. consumers would have complete knowledge of goods
- B. cost of production would be at the maximum level
- C. every firm would enjoy the benefits of large scale production
- D. income of the consumers in the community would be high
Question 49
For a monopolist, the average revenue (AR) curve is
- A. above the total curve
- B. the same as the marginal cost curve
- C. above the marginal revenue curve
- D. the same as that of the perfect competitor
