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596
Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?
  • A. monopolist charges a lower price than the perfect competitior
  • B. perfect competitior charges a lower price and produces a large output than the monopolist
  • C. perfect competitior produces a smaller output than the monopolist
  • D. monopolist charges a lower price and produces a larger output than the perfect competitor
View Answer & Discuss (1) JAMB 1991
597
In a perfectly competitive market, the firm is in long-run equilibrium at the output where?
  • A. marginal cost is minimum
  • B. average cost is minimum
  • C. total cost is minimum
  • D. marginal cost revenue is maximum
View Answer & Discuss (1) JAMB 1991
598
The ordinary partner in a partnership?
  • A. takes no active in the management of the business
  • B. has limited liability in case of business failure
  • C. has unlimited liability in case of business failure
  • D. cannot be sued personally on matters relating to the business
View Answer & Discuss (3) JAMB 1991
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599
A possible factor which limits the extent of growth of a firm is the?
  • A. existence of a monoploy
  • B. bureaucratic delays in decision-making
  • C. use of by-products
  • D. unwillingness to share ownership and control
View Answer & Discuss JAMB 1991
600
One of the most outstanding disadvantages of co-operative societies as business organization is that?
  • A. true spirit of co-operation is marred by delegated authority
  • B. members show much interest
  • C. it is poorly financed
  • D. membership interest is centred on sharing of essential commodities
View Answer & Discuss JAMB 1991
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