by Sunday | Mar 28 | Economics WAEC
A. $2.00 B. $4.00 C. $10.00 D. $20.00 Correct Answer: Option A = $2.00 Explanation Average fixed cost decreases as the number of output increases. Hence, if a firm spent $20 to produce 5 bags of rice, when it increases the output level to 10 bags of rice the cost will...
by Sunday | Mar 28 | Economics WAEC
A. falls continuously but is never equal to zero. B. is U-shaped and intersects the Y-axis C. rises and falls faster than the marginal cost D. is always higher than the average variable cost Correct Answer: Option A = falls continuously but is never equal to zero....
by Sunday | Mar 28 | Economics WAEC
A. a firm can make a profit by reducing output B. a firm can make more profit by increasing output C. as the producer reduces the quantity of raw materials used, the marginal product will double D. as the producer increases the quantity of raw materials used, the...
by Sunday | Mar 28 | Economics WAEC
A. difficulty in coordinating decisions B. division of labor in production C. employment of more specialist D. decrease in the cost of production Correct Answer: Option A – difficulty in coordinating decisions Explanation Diseconomies of scale occur when a firm...
by Sunday | Mar 28 | Economics WAEC
A. surplus in the market B. shortage in the in market C. black market to come into operation D. rationing to be introduced Correct Answer: Option A = surplus in the market Explanation When a price floor is set above the equilibrium price, quantity supplied will exceed...
by Sunday | Mar 26 | Economics WAEC
A. joint supply B. competitive supply C. market Supply D. composite supply Correct Answer: Option A = joint supply Explanation Joint supply occurs when a product or the process of producing a product can yield two or more outputs. For instance, cows can be used for...
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