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

Question 96:

• JAMB 2010

The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing

A. Increasing efficiency
B. Economies of scale
C. Diseconomies of scale
D. Increasing marginal returns

Question 97:

• JAMB 2011

The average total cost when 20 units are produced is

A. N20.00
B. N23.00
C. N13.00
D. N15.00

Question 98:

• JAMB 2011

When 20 units of output is produced, TC will be

A. N360
B. N300
C. N460
D. N400

Question 99:

• JAMB 2012

The long-run average cost curve touches to the short-run average cost curves at the

A. Minimum points of all short run average cost curves
B. Declining points of all short-run average cost curves
C. Minimum point of only one of the short-run cost curves
D. Rising points of all short-run average cost curves

Question 100:

• JAMB 2013

From the graph above, R represents

A. Marginal cost
B. Total cost
C. Variable cost
D. Fixed cost