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

Question 11 :

• JAMB 2000

In a price-taking firm, the portion UT above is the firm's

A. Average revenue curve
B. Long-run average cost curve
C. Demand curve
D. Supply curve

Question 12 :

• 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 13 :

• 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

Question 14 :

• JAMB 2005

For a firm to break even in the long run, the marginal cost curve must cut the

A. Average variable cost curve at its higest point
B. Average cost cure at its lowest point
C. Average cost curve at its lowest point
D. Total cost cure at its lowest point

Question 15 :

• JAMB 2009

The short-run supply curve for medical doctors is more likely to be

A. Perfectly elastic
B. Perfectly inelastic
C. Fairly inelastic
D. Fairly elastic