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Jamb Economics Past Questions and Answers

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Jamb Economics Past Questions

Question 1786:


If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the

A. Average variable cost is minimum
B. Marginal cost is falling
C. Average cost is minimum
D. Average fixed cost is falling


Question 1787:


A perfectly competitive firm is advised to close down when the

A. Price is below the marginal cost
B. Price is equal to the marginal revenue
C. Marginal revenue is equal to the marginal cost
D. Price is below the average variable cost


Question 1788:


Product differentiation in monopolistic competition implies that

A. Different buyers pay different prices for the same product
B. Different products are sold to the same buyer
C. Sellers determine whom to sell their products to
D. The same product is available in different forms


Question 1789:


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 1790:


The diagram above shows the effect of

A. Excess demand over supply at q3
B. Excess supply over demand at q2
C. Minimum price legislation at P2
D. Maximum price legislation at P2






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