Short-run and long-run costs - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1997

In the diagram below, the curve which represents firm's short-run average variable cost is curve

A. L
B. Ll
C. Lll
D. IV

Question 17:

• JAMB 1998

The short-run period in production is defined as a period when?

A. There is at least one fixed factor
B. All costs of production must be covered
C. The output cannot be varied
D. Current output is not profitable

Question 18:

• JAMB 2002

In the short-run a firm marginal cost curve above the point of shut-down is its?

A. Demand curve
B. Supply curve
C. Cost curve
D. Supply curve

Question 19:

• JAMB 2003

Short-run period in production is a period too short for a firm to be able to change its

A. Scale of operation
B. Total revenue
C. Total outputs
D. Variable inputs

Question 20:

• JAMB 2004

A firm operating at full capacity will experience rising short-run total costs when

A. Prices of its variable inputs rise
B. Prices of its variable inputs fall
C. There is a change in management
D. Labour productivity increases