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Jamb Economics Past QuestionsJamb Past Questions and Answers on Producers equilibriumQuestion 1: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:The shape of the production possibility frontier is determined by the_________ A. Law of returns to scale B. Law of diminishing returns C. Factors of productions D. Technology Question 3:From the diagram shown, the optional point of production is_____________? A. R B. T C. S D. U Question 4:From the graph above the consumer will attain equilibrium at point_______________ A. J B. K C. M D. L Question 5:Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20 A. 36.60 B. 22.00 C. 30.60 D. 26.00 |
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