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456
Development outside a given firm which reduce the firm costs are called?
  • A. internal economies
  • B. external economies
  • C. external diseconomies
  • D. optimum effects
View Answer & Discuss JAMB 1988
457
Which of the following BEST describes the production function?
  • A. it indicates best output to produce
  • B. it relates naira inputs to naira output
  • C. it relates physical outputs to physical inputs
  • D. it indicates the best way to combine factors to produce given output
View Answer & Discuss JAMB 1988
458
The law of Diminishing Returns begins to operate when?
  • A. total product begins to rise
  • B. total product begins to fall
  • C. marginal product begins to fall
  • D. marginal product begins to rise
View Answer & Discuss JAMB 1988
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459
The assumption of profit maximization implies profit?
  • A. is the most important consideration of the firm
  • B. is the sole consideration of the firm
  • C. assumes an insatiable propotion in the instinct of management
  • D. is made in other to break-even
View Answer & Discuss JAMB 1988
460
Total fixed cost measures the cost of?
  • A. all plant and machinery
  • B. all assets where quantity cannot be varied in the short run
  • C. all assets upon which the firm has control
  • D. prooerty owned by the firm
View Answer & Discuss JAMB 1988
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