Question 376:

• JAMB 2014

A perfect competitor will continue to expand output up to the point where

A. TC > TR
B. MR = AR
C. MC < MR
D. MC > MR

Question 377:

• JAMB 2014

One of the characteristics of a monopolist is that, he can influence

A. Quantity produced by other producers
B. Prices charged by other producers
C. Both price and quantity
D. Price or quantity

Question 378:

• JAMB 2014

A rightward shift of the budget line is caused by a

A. Fall in consumer income
B. Change in consumer taste
C. Fall in the commodity relative price
D. Rise in the consumer income

Question 379:

• JAMB 2014

Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?

A. 20
B. 15
C. 50
D. 30

Question 380:

• JAMB 2014

When price is set below equilibrium, this will lead to

A. An increase in the quantity supplied
B. A new equilibrium
C. A decrease in the quantity supplied
D. A fall in price