Marginal cost - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 1978

Marginal cost is

A. Lowest cost of producing goods
B. The cost of production of the most efficient firm in the industry
C. Cost of production of the most inefficient firm in the industry
D. The cost of production of the last or extra unit of goods produced by a firm
E. The cost of production at which the minimum profit is obtained by a firm

Question 3:

• JAMB 1982

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)
in the above table, the marginal cost of the 3rd unit of output is

A. 12
B. 6
C. 10
D. 2
E. 9

Question 4:

• JAMB 1985

In the table, the marginal cost when output is two, units is

A. 16.00
B. 20.00
C. 36.00
D. 40.00
E. 48.00

Question 5:

• JAMB 1990

At the point of profit maximization by a firm, marginal cost is?

A. Minimum
B. Falling
C. Constant
D. Rising