by Sunday | Apr 20 | Economics WAEC
A. manufacturers, wholesalers, and consumers B. manufacturers, wholesalers, and retailers C. wholesalers, retailers, and hawkers D. wholesalers, retailers, and consumers Correct Answer: Option C – wholesalers, retailers, and hawkers Explanation Middlemen are...
by Sunday | Apr 20 | Economics WAEC
A. discourage private investors B. ensure equitable distribution C. reduce the cost of production D. make the firms enjoy economies of scale Correct Answer: Option B = ensure equitable distribution Explanation Governments influence the location of industry, by giving...
by Sunday | Apr 20 | Economics WAEC
A. Bank loans B. Loans from friends C. Plough back profits D. Debentures Correct Answer: Option C = Plough back profits Explanation Plough back profits also known as retained earnings are profits earned by a business, and reinvested in the business. What this means is...
by Sunday | Apr 20 | Economics WAEC
A. below the marginal revenue curve B. downward sloping C. the marginal revenue curve D. convex to the origin Correct Answer: Option C = the marginal revenue curve Explanation For a perfectly competitive firm, the average revenue curve is a horizontal, or perfectly...
by Sunday | Apr 20 | Economics WAEC
A. total fixed cost B. average fixed cost C. variable cost D. social cost Correct Answer: Option C = variable cost Explanation Variable cost has a positive relationship with output in such a way that if a firm produces more output, the variable cost will be greater,...
by Sunday | Apr 20 | Economics WAEC
A. decreasing returns to scale B. Increase in marginal product C. increasing returns to scale D. constant retums to scale Correct Answer: Option C – increasing returns to scale Explanation Increasing returns to scale happens when the output increases in a...
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