The marginal cost and the supply curve of a firm - 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 average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

A. Economies of scale
B. Money cost
C. Opportunity cost
D. Cost functions

Question 3:

• JAMB 1979

When marginal cost equals marginal revenue of products

A. The firms is producing at a loss
B. The firm is at a break-even point
C. The firm is making the least profit
D. The supplementary cost of the firm is highest
E. The firm has maximum profit

Question 4:

• JAMB 1983

Marginal cost curve intersects average cost curve ?

A. From above at its lowest point
B. From below before the lowest point
C. From below at its lowest point
D. From below after the lowest point
E. At zero point

Question 5:

• JAMB 1986

A firm is at its optimum size when?

A. It produce the greatest output at a minimum cost
B. It has a motive to increase output
C. Marginal cost equals marginal revenue
D. Marginal cost is less than marginal revenue