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931
The condition for equilibrium price and quantity under perfect competition is?
  • A. MC = AR = TR
  • B. TC =AR = P
  • C. MC = AR = P
  • D. MC = AR = TC
View Answer & Discuss JAMB 2000
932

In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods?

  • A. N400.00
  • B. N80.00
  • C. N40.00
  • D. N20.00
View Answer & Discuss (5) JAMB 2000
933

External dis-economies of scale result from excessive growth of?

  • A. the whole industry
  • B. some sectors of the industry
  • C. external factors
  • D. internal factors
View Answer & Discuss (3) JAMB 2000
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934
If a total cost curve is plotted, marginal cost can be illustrated by the?
  • A. slope of the tangent to the curve at any given output
  • B. U-shaped curve cutting the total cost curve at its lowest point
  • C. straight line from the origin to the mid-point of the curve
  • D. straight line cutting the curve at its highest point
View Answer & Discuss (2) JAMB 2000
935

The short-run equilibrium in a perfectly competitive market requires that?

  • A. marginal cost be equal to total revenue
  • B. marginal cost and marginal revenue be equal
  • C. costs are mutually determined by buyers and sellers
  • D. the marginal cost curve cuts the total cost curve
View Answer & Discuss (4) JAMB 2000
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