The Marginal Cost And The Supply Curve Of A Firm - Economics Jamb Past Questions and Answers

Question 6 :

• JAMB 1990

A firm achieves least-cost in production by substituting factors until?

A. Their prices are equal
B. The ratio of their marginal -physical-products equals the ratio of their prices
C. Their marginal -physical-products are each equal to their factor prices
D. Their marginal -physical-products are each equal to zero

Question 7 :

• JAMB 1992

A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in?

A. Pure competition only
B. Pure monopoly only
C. Monopolistic competition only
D. Any type of market

Question 8 :

• JAMB 1994

A company's expenditure on raw materials is regarded as?

A. Explicit cost
B. Implicit cost
C. Prime cost
D. Average cost

Question 9 :

• JAMB 1994

A firm determines its profit when it studies its?

A. Marginal Cost
B. Average Cost
C. Total Cost
D. Average Cost relative to price in the market

Question 10 :

• JAMB 2000

If a total cost curve is plotted, marginal cost can be illustrated by the?

A. Slope of the tangent to the curve at any given output
B. U-shaped curve cutting the total cost curve at its lowest point
C. Straight line from the origin to the mid-point of the curve
D. Straight line cutting the curve at its highest point