Question 751:

• JAMB 1985

If monopoly is attempting to maximize profit which of the following should it attempt to do?

A. Select that output at which ATC is at minimum
B. Set price equal to TC
C. Maximize profit per unit
D. Maximize revenue
E. Equate marginal cost to marginal revnue

Question 752:

• JAMB 1985

The amount of labour a producer hires relative to labour factor inputs depends on the?

A. Price of labour or it wage
B. Price of labour, machinery and other inputs
C. Price of machinery
D. Price of the other inputs
E. Type of machinery

Question 753:

• JAMB 1985

Which of the following is NOT a feature of underdevelopment?

A. Low per capita income
B. Vicious circle of poverty
C. Low level of industrialization
D. Greater dependence on primary production
E. High per capita income

Question 754:

• JAMB 1985

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

A. Inefficiency in the middlemen
B. Inefficiency in the production process
C. Long chain of the distribution system
D. Sovereignty of the consumers
E. Ineffectiveness of retailers

Question 755:

• JAMB 1985

Warehousing facilities in the distribution and marketing of products are provided by?

A. Manufacturers
B. Wholesalers
C. Retailers
D. Consumers
E. Sellers