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Jamb Economics Past QuestionsJamb Past Questions and Answers on Theory of Costs and RevenueQuestion 71: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: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:\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\) At 60 units of output, the AVC is A. ₦2.50 B. ₦1.50 C. ₦90.00 D. ₦150.00 Question 74:\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\) 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: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 |
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