Question 686:

• JAMB 1983

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

A. Curve I
B. Curve ll
C. Curve lll
D. Curve lV
E. Curves l and lll

Question 687:

• JAMB 1983

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

A. The supply curve will shift from S_oS_o to S₂S₂
B. The supply curve will shift from S_oS_o to S₁S₁
C. The supply curve will shift fromS ₂S₂ to S₁S₁
D. The supply curve will shift from S₁S₁ to S_oS_o
E. The demand curve will shift from D_oD_o to D₁D₁

Question 688:

• JAMB 1984

The main economic objective behind the production of goods and services in any economy is to?

A. Maximize profits
B. Satisfy human wants
C. Become self reliant
D. Create job opportunities
E. Make people wealthy

Question 689:

• JAMB 1984

The main economic objective behind the production of goods and services in any economy is to?

A. Maximize profits
B. Satisfy human wants
C. Become self reliant
D. Create job opportunities
E. Make people wealthy

Question 690:

• JAMB 1984

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

A. Demands at a given price at a point in time
B. Demand at a given price
C. Actually digests
D. Produces, given its price
E. Can store away during bnad weather