Economics 1998 JAMB Past Questions

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Which of the following statements best describes the relationship between average product and marginal products?

A. Marginal product and average product curves rise and falls together
B. Marginal product equals average product at the minimum point of the latter
C. Average product curve will rise as product is greater than average product
D. Marginal product at the maximum point of the fomer

View Answer & Discuss JAMB 1998

When a firm is reaping economies of large-scale production, it experiences a fall in its?

A. long-run marginal cost
B. long-run average cost
C. long-run total cost
D. short-run marginal cost

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If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?

A. normal
B. elastic
C. inelastic
D. abnormal

View Answer & Discuss (3) JAMB 1998

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Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?

A. 0.25
B. 0.40
C. 4.00
D. 25.00

View Answer & Discuss (1) JAMB 1998

The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?

A. unitary
B. greater than one
C. infinite
D. less than one

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Economics 1998 JAMB Past Questions

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