Internal economies of scale - 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 2017

In economics, the or input question refers to:

A. The problem of allocating scarce resources among competing uses
B. The way in which factors of production may be combined to produce output
C. The way in which a firm decides on its profit maximising rate of output
D. The problem of how output is distributed among individuals and groups in society.

Question 3:

• JAMB 2001

Internal economies of scale are expected to bring about?

A. An increase in short-run average cost
B. An increase in long-run average cost
C. A decrease in long-run average cost
D. A decrease in short-run average cost