Theory of Costs and Revenue - Jamb Economics Past Questions and Answers

Question 71:

• 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 72:

• 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

Question 73:

• JAMB 2003

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
At 60 units of output, the AVC is

A. ₦2.50
B. ₦1.50
C. ₦90.00
D. ₦150.00

Question 74:

• JAMB 2003

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
Using the table above. The ATC at 30 units of output is

A. ₦3.00
B. ₦4.00
C. ₦60.00
D. ₦120.00

Question 75:

• JAMB 2003

If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be

A. A monopolistic competitor as it can have a limited influence on price
B. A monopolist as it can have a great influence on price
C. A perfect competitor as it cannot influence the market price
D. An oligopolist as it can collude with other firms to have some influence on price