by Sunday | Jul 31 | Economics WAEC
A. Average fixed cost B. Marginal cost C. Average variable cost D. Average cost Correct Answer: Option D – Average cost
by Sunday | Jul 31 | Economics WAEC
A. maker B. taker C. giver D. bidder Correct Answer: Option B – taker
by Sunday | Jul 31 | Economics WAEC
A. rises and falls faster than the marginal cost B. is U-shaped and intersects the price axis C. is always higher than the average variable cost D. falls continuously but is never equal to zero Correct Answer: Option D – falls continuously but is never equal to...
by Sunday | Jul 31 | Economics WAEC
A. large number of buyers and sellers in the market B. awareness of market conditions by buyers C. availability of substitutes D. heterogeneity of products Correct Answer: Option D – heterogeneity of products
by Sunday | Jul 31 | Economics WAEC
A. allocate scarce resources among competing uses B. ensure equitable distribution of income and wealth C. determine the demand for and the supply of goods and services D. remove all the constraints on production of goods and services Correct Answer: Option A –...
by Sunday | Jul 31 | Economics WAEC
A. diminishing returns B. the law of variable proportions C. diseconomies of scale D. increasing returns to scale Correct Answer: Option D – increasing returns to scale