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321
Under perfect competition, the long-run equilibrium requires?
  • A. MR = MC
  • B. MR = AC = AR
  • C. MR > MC
  • D. MR = MC = AR = AC
  • E. AR = AC
View Answer & Discuss JAMB 1985
322
If monopoly is attempting to maximize profit which of the following should it attempt to do?
  • A. Select that output at which ATC is at minimum
  • B. Set price equal to TC
  • C. Maximize profit per unit
  • D. Maximize revenue
  • E. Equate marginal cost to marginal revnue
View Answer & Discuss JAMB 1985
323

The amount of labour a producer hires relative to labour factor inputs depends on the?

  • A. price of labour or it wage
  • B. price of labour, machinery and other inputs
  • C. price of machinery
  • D. price of the other inputs
  • E. type of machinery
View Answer & Discuss JAMB 1985
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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324
Which of the following is NOT a feature of underdevelopment?
  • A. Low per capita income
  • B. Vicious circle of poverty
  • C. Low level of industrialization
  • D. Greater dependence on primary production
  • E. High per capita income
View Answer & Discuss JAMB 1985
325
The inefficient distribution of scarce commodities in Nigeria is mostly due to the?
  • A. inefficiency in the middlemen
  • B. inefficiency in the production process
  • C. long chain of the distribution system
  • D. sovereignty of the consumers
  • E. ineffectiveness of retailers
View Answer & Discuss JAMB 1985
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts