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

Question 86:

• JAMB 2006

If the price per unit is N2, what is the average revenue when 6 men are employed?

A. N220
B. N120
C. 110
D. N330

Question 87:

• JAMB 2007

If the total fixed cost is the same regardless of output, the average fixed cost will be

A. Increasing
B. Maximum
C. Minimum
D. Decreasing

Question 88:

• JAMB 2007

The price per unit of a commodity to a buyer is the same as the

A. Normal profit of the seller
B. Average revenue of the seller
C. Marginal cost of the commodity
D. Marginal revenue of the seller

Question 89:

• JAMB 2007

When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be

A. Zero
B. Greater than one
C. One
D. Between zero and infinity

Question 90:

• JAMB 2007

A firm incurs short-run costs when

A. It cannot increase prices
B. Operation is at its later stages
C. Operation is at its early stages
D. Some inputs cannot be varied