Both in the short run and in the long run, a firm maximizes its profits when?
A. MC = MR B. AC = MC C. AVC = AC D. MC = AVC Correct Answer: Option A – MC = MR
If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y – 300 > 500.
A. y > 300 B. y > 250 C. y > 200 D. y > 150 Correct Answer: Option C – y > 200
What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?
A. 1.25 B. 1.45 C. 0.25 D. 0.15 Correct Answer: Option A – 1.25
In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?
A. slightly increase the price of his product B. slightly reduce the price of his products C. leaves his price unchanged D. discriminate his prices Correct Answer: Option B – slightly reduce the price of his productsProducts
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