Average cost - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2019

The most important cost curve for the firm is_________

A. MC
B. AC
C. TC
D. FC

Question 3:

• JAMB 2018

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

A. At the maximum point on the AC curve
B. At the highest point on the AC curve
C. At the minimum point on the AC curve
D. At the peak

Question 4:

• JAMB 2014

Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.

A. N30
B. N40
C. N10
D. N20

Question 5:

• JAMB 1979

Average cost is

A. The total cost of production
B. The extra cost of producing one additional unit of output
C. Cost of producing a unit of output
D. Variable cost
E. Overhead cost