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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
716
When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?
  • A. zero and decreasing
  • B. decreasing and zero
  • C. negative and decreasing
  • D. both at their maximum
View Answer & Discuss (2) JAMB 1994
717
In the long run, all production factors are?
  • A. fixed
  • B. semi fixed
  • C. variable
  • D. semi-variable
View Answer & Discuss (1) JAMB 1994
718
A company's expenditure on raw materials is regarded as?
  • A. explicit cost
  • B. implicit cost
  • C. prime cost
  • D. average cost
View Answer & Discuss (1) JAMB 1994
Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
719
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
  • A. always reflects the cost of labour
  • B. reflects the variable, but not the fixed cost of production
  • C. does not rise above variable costs
  • D. is determined by the cost of production and the current rate of inflation
View Answer & Discuss JAMB 1994
720
A firm determines its profit when it studies its?
  • A. Marginal Cost
  • B. Average Cost
  • C. Total Cost
  • D. Average Cost relative to price in the market
View Answer & Discuss JAMB 1994
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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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