Short-run and long-run costs - 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 2018

If wage rate is less than the average revenue product, the firms would be earning________

A. Loss
B. Super normal profit
C. Normal profit
D. Higher revenue

Question 3:

• JAMB 2018

The determination of wages in a labour market depends on the_______

A. Government
B. People
C. Interaction between demand and supply of labour
D. Economy

Question 4:

• JAMB 2019

In the long run, all production factors are____________

A. Variable
B. Fixed
C. Semi-variable
D. Semi-fixed

Question 5:

• JAMB 1984

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

A. N350.00
B. N340.00
C. 360.00
D. 370.00
E. 55.00