by Sunday | Nov 8 | Economics WAEC
A. subtract MU from TU B. Add MU from the various levels C. multiply MU by the initial TU D. Divide current MU by previous MU Correct Answer: Option B B. Add MU from the various levels Explanation “Marginal utility is an addition made to total utility by consuming one...
by Sunday | Nov 8 | Economics WAEC
A. marginal cost curve B. average fixed cost curve C. average total cost curve D. average variable cost Correct Answer: Option B B. average fixed cost curve Explanation The average fixed costs AFC curve is downward sloping because fixed costs are distributed over a...
by Sunday | Nov 8 | Economics WAEC
A. average product B. total product C. average variable cost D. total cost Correct Answer: Option B B. total product Explanation Total product is the overall quantity of output that a firm produces, usually specified in relation to a variable input. Total product is...
by Sunday | Nov 8 | Economics WAEC
A. adding up the marginal cost at each level B. dividing the total cost of output at each level C. adding up the average variable cost at each level D. adding up the total variable cost and total fixed cost Correct Answer: Option D D. adding up the total variable cost...
by Sunday | Nov 8 | Economics WAEC
A. necessity B. good of ostentation C. normal good D. Giffen good Correct Answer: Option B B. good of ostentation Explanation An ostentatious Good is a good where demand is often greater when the price of it is higher. These are goods we buy in order to ‘keep up...
by Sunday | Nov 8 | Economics WAEC
A. total utility B. average utility C. total product D. marginal utility Correct Answer: Option D D. marginal utility Explanation Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. As a consumer consumes...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.