by Sunday | Jan 2 | Economics WAEC
A. grant credit to the wholesaler B. break bulk and sell products in small units C. reduce cost of distribution D. generate demand for products through advertisement Correct Answer: Option B – break bulk and sell products in small units Explanation The primary...
by Sunday | Jan 2 | Economics WAEC
A. providing research facilities B. purchasing raw materials C. designing the product D. breaking the bulk Correct Answer: Option D – breaking the bulk Explanation The middlemen plays the role of an intermediary in a distribution or transaction chain who...
by Sunday | Jan 2 | Economics WAEC
A. variable cost B. fixed cost C. total cost D. marginal cost Correct Answer: Option B – fixed cost Explanation A firm that shut down will earn zero revenue and its variable cost of producion is also zero, so the firm’s total cost of production is equal to...
by Sunday | Jan 2 | Economics WAEC
A. total fixed cost B. marginal cost C. average fixed cost D. average cost Correct Answer: Option D – average cost Explanation Average cost is directly proportional to the total cost of goods and inversely proportional to the number of goods, so average cost...
by Sunday | Jan 2 | Economics WAEC
A. excessive demand for the product B. low level of technology C. excess supply of labour D. increase in the export of goods Correct Answer: Option B – low level of technology Explanation Factors that limit the application of division of labour are: size of...
by Sunday | Jan 2 | Economics WAEC
A. market surplus occurs B. the market will be cleared in the short-run C. excess demand occurs D. government regulation is no longer needed Correct Answer: Option A – market surplus occurs Explanation Minimum price is often called price floor and it is fixed by...
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