by Sunday | Oct 24 | Economics JAMB
A. selling price is above the short-run marginal cost B. selling price is below the short-run marginal cost C. average revenue is greater than marginal revenue D. average revenue is less than marginal revenue Correct Answer: Option B – selling price is below the...
by Sunday | Oct 24 | Economics JAMB
A. total cost B. marginal cost C. fixed cost D. variable inputs Correct Answer: Option B – marginal cost
by Sunday | Oct 24 | Economics JAMB
A. law of diminishing returns B. law of returns to scale C. cost of fixed inputs D. cost of variable inputs Correct Answer: Option B – law of returns to scale
by Sunday | Oct 24 | Economics JAMB
A. continue to decrease B. remain unchanged C. continue to increase D. be equal to the total cost Correct Answer: Option A – continue to decrease
by Sunday | Oct 24 | Economics JAMB
A. MP is greater than AP B. MP is less than AP C. MP is equal to AP D. MP is equal to zero Correct Answer: Option A = MP is greater than AP
by Sunday | Oct 24 | Economics JAMB
A. output is transformed into input B. machines replace human effort C. input is transformed into output D. there is specialization and division of labour Correct Answer: Option C – input is transformed into output