by Sunday | Aug 6 | Economics WAEC
A. price is always equal to marginal cost B. supply is always equal to demand C. price is always higher than marginal cost D. there are always many buyers and many sellers Correct Answer: Option A – price is always equal to marginal...
by Sunday | Aug 6 | Economics WAEC
A. greater than the equilibrium supply B. smaller than the equilibrium supply C. the same as the equilibrium supply D. a determinant of the market forces of equilibrium Correct Answer: Option B – smaller than the equilibrium...
by Sunday | Aug 6 | Economics WAEC
A. marginal revenue of the enterprise B. marginal revenue product of labour in the enterprise C. average revenue of the enterprise D. marginal cost of production Correct Answer: Option B – marginal revenue product of labour in the...
by Sunday | Aug 6 | Economics WAEC
A. less than zero B. decreasing C. constant D. increasing Correct Answer: Option B – decreasing
by Sunday | Aug 6 | Economics WAEC
A. total output diminishes B. average output diminishes C. marginal output diminishes D. marginal revenue diminishes Correct Answer: Option C – marginal output diminishes