Jamb Economics 2002 Past Questions and Answers

Question 26:

• JAMB 2002

The short-run equilibrium output for a monopolist is determined by the?

A. Highest point on the total revenue curve
B. Minimum point on the average revenue and the average cost curve
C. Intersection of the average revenue and the average cost curves
D. Intersection of the marginal cost and marginal revenue curves

Question 27:

• JAMB 2002

The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?

A. Internal economies of scale
B. Economies of scale
C. Market economies
D. External economies

Question 28:

• JAMB 2002

In the short-run a firm marginal cost curve above the point of shut-down is its?

A. Demand curve
B. Supply curve
C. Cost curve
D. Supply curve

Question 29:

• JAMB 2002

The economic policy of deregulation is aimed at encouraging?

A. A monopolistic market structure
B. A duopolistic market structure
C. A competitive market structure
D. An oligopolistic market structure

Question 30:

• JAMB 2002

Under conditions of perfect competition, a firm's supply curve is determined by its?

A. Total cost curve
B. Marginal cost curve
C. Variable cost curve
D. Fixed cost curve