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1396
When a consumer is at equilibrium, the MRSxy is equal to the
  • A. sum of the prices
  • B. product of the two prices
  • C. ratio of the two prices
  • D. difference of the two prices
View Answer & Discuss (5) JAMB 2011
1397

Minimum price legislation by government will

  • A. reduce supply
  • B. increase supply
  • C. reduce demand and create surplus
  • D. increase demand and create scarcity
View Answer & Discuss (4) JAMB 2011
1398

Ranking is the method use in measuring

  • A. marginal utility
  • B. ordinal utility
  • C. cardinal utility
  • D. total utility
View Answer & Discuss JAMB 2011
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1399
If a firm is faced with an elastic supply curve, its revenue will
  • A. be supplied at a higher price
  • B. double at a higher price
  • C. increase by more than the percentage increase in price
  • D. equal percentage change in price
View Answer & Discuss JAMB 2011
1400

A firm will experience diseconomies of scale when

  • A. there are difficulties in coordinating production
  • B. there is shortage in labour supply
  • C. the size of market is small
  • D. there is an increase in the price of raw materials
View Answer & Discuss (4) JAMB 2011
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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