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Economics 1991 JAMB Past Questions

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11

The cross-elasticity of demand between complementary goods is?

  • A. unitary
  • B. positive
  • C. zero
  • D. negative
View Answer & Discuss (5) JAMB 1991
12

Resources are efficiently allocated when production takes place at that output where price equals?

  • A. marginal revenue
  • B. average variable cost
  • C. marginal cost
  • D. toal cost
View Answer & Discuss (2) JAMB 1991
13
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
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14
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
15
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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