The concepts of cost - Jamb Economics Past Questions and Answers

Question 41:

• JAMB 2007

An increase in the marginal cost of production causes

A. A downward movement along the supply curve
B. A leftward shift of the supply curve
C. A rightward shift of the supply curve
D. An upward movement along the supply curve

Question 42:

• JAMB 2008

From the graph above , point M shows that MC

A. Cuts AC at its minimum point
B. And AC rises simultaneously
C. Cuts AC at its maximum point
D. Is falling

Question 43:

• JAMB 2009

As the level of output increases, the average fixed cost of a firm will

A. Continue to decrease
B. Remain unchanged
C. Continue to increase
D. Be equal to the total cost

Question 44:

• 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 45:

• JAMB 2011

When 20 units of output is produced, TC will be

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