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Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?
AAVC=FC
BMC=AVC
CMC=AC
DAC=AFC
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Question 1012
jamb1988
If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?
Anot decrease in number
Bkeep output at the same level but make losses
Creduce production
Dintensity the advertisement of their products
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Question 1013
jamb1988
Total revenue is always equal to?
Amarginal revenue multiplied by the quantity sold
Baverage revenue plus marginal revenue
Cmarginal revenue multiplied by marginal cost
Daverage revenue multiplied by the quantity sold
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Question 1014
jamb1988
One of the characteristics of an imperfect market is?
Aa large number of buyers and sellers
Ba lack of homogeneity of products
Can adequate awareness of market conditions by buyers and sellers
Dthe availability of substitutes
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Question 1015
jamb1988
One factor which influences the slope of a non-linear demand curve for a commodity is the?
Aprice of the commodity
Bquantity of the commodity demanded
Cavailability of substitutes
Davailable of complements
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Question 1016
jamb1988
Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?
ABoth the price and the quantity fall
BThe price rise and the quantity falls
CThe price falls and the quantity rises
DBoth the price and the quantity rise
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Question 1017
jamb1988
If goods were free, a rational consumer would consume?
Aan infinite amount of each good
Bthe amount where marginal utility became zero
Cthe same amount as when each good had a price
Dthe amount where marginal utility was the highest
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Question 1018
jamb1988
A commodity is said to have a derived demand when the commodity
Aand another have joint demand
Bis demanded because of what it can help to produce
Cis demanded for different purposes
Dhas inelastic demand
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Question 1019
jamb1988
The output at which total revenue equals total cost is known as?
Aprofit-maximizing output
Bbreak even level output
Closs-minizing output
Dleast-cost output
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Question 1020
jamb1988
Total fixed cost measures the cost of?
Aall plant and machinery
Ball assets where quantity cannot be varied in the short run
Call assets upon which the firm has control
Dprooerty owned by the firm
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Question 1021
jamb1988
The assumption of profit maximization implies profit?
Ais the most important consideration of the firm
Bis the sole consideration of the firm
Cassumes an insatiable propotion in the instinct of management
Dis made in other to break-even
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Question 1022
jamb1988
The law of Diminishing Returns begins to operate when?
Atotal product begins to rise
Btotal product begins to fall
Cmarginal product begins to fall
Dmarginal product begins to rise
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Question 1023
jamb1988
Which of the following BEST describes the production function?
Ait indicates best output to produce
Bit relates naira inputs to naira output
Cit relates physical outputs to physical inputs
Dit indicates the best way to combine factors to produce given output
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Question 1024
jamb1988
Development outside a given firm which reduce the firm costs are called?
Ainternal economies
Bexternal economies
Cexternal diseconomies
Doptimum effects
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Question 1025
jamb1988
The average product of labour in a given period is obtained by dividing the?
Anumber of workers by the total product
Btotal product by the number of hours actually worked
Cchange in total product by the change in the number of workers
Dtotal product by the number of workers
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Question 1026
jamb1988
Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?
Athrift
Bvalue
Cabundance
Dscarcity
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Question 1027
jamb1988
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
Arational
Bconsistent
Cinconsistent
Dtransitive
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Question 1028
jamb1988
When a variable is associated with time period, it is?
Aa flow
Ba stock
Ccircular
Dstatic
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Question 1029
jamb1988
Economic is often described as a science because?
Alaboratory experiments are performed
Bit makes use of controlled experiments
Cit uses scientific methods to explain observed phenomena and predict future events
