economics

At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?`

A. price is always equal to marginal cost B. supply is always equal to demand C. price is always higher…

5 years ago

If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?

A. greater than the equilibrium supply B. smaller than the equilibrium supply C. the same as the equilibrium supply D.…

5 years ago

If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?

A. marginal revenue of the enterprise B. marginal revenue product of labour in the enterprise C. average revenue of the…

5 years ago

A firm faces diminishing returns when its?

A. total output diminishes B. average output diminishes C. marginal output diminishes D. marginal revenue diminishes Correct Answer: Option C…

5 years ago

In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?

A. lowest point B. middle point C. maximum point D. downward slopping section Correct Answer: Option A - lowest point

5 years ago

If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?

A. 6.00 tonnes B. 5.68 tonnes C. 0.60 ton D. 0.57 ton Correct Answer: Option B - 5.68 tonnes

5 years ago

An accurate census is important to a country because it helps?

A. in solving unemployment problem B. to ensure equitable population redistribution relative to natural resources C. in deciding on the…

5 years ago

Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?

A. The infrastructural facilities in cities B. Declining fertility of rural farmlands C. Rural electrification programme D. Higher living standards…

5 years ago

The working population refers to?

A. a population where the average age is falling B. the population within the '0 -14'age bracket C. the economically…

5 years ago