Jamb Economics 1988 Past Questions and Answers

Question 21:

• JAMB 1988

Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?

A. AVC=FC
B. MC=AVC
C. MC=AC
D. AC=AFC

Question 22:

• JAMB 1988

In the short run, the monopolistic competitors?

A. Always makes profit
B. Always incurs a loss
C. Always breaks -even
D. May close down

Question 23:

• JAMB 1988

Price leadership is?

A. A form of tacit collusion
B. Used to explain price rigidity
C. Illegal in nigeria
D. A form of overt collusion

Question 24:

• JAMB 1988

The additional revenue obtained by using one more unit of a factor is called?

A. Average product
B. Marginal product
C. Diminishing returns
D. Marginal revenue product

Question 25:

• JAMB 1988

In a public company, enterpreneurial functions are performed by the?

A. Workers
B. Shareholders
C. General manager
D. Board of directors