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Economics 1999 JAMB Past Questions

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11
One of the characteristics of an imperfect market is the?
  • A. large number of buyers and sellers in the market
  • B. awareness of market conditions by buyers
  • C. availability of substitutes
  • D. heterogenetity of products
View Answer & Discuss JAMB 1999
12
A characteristic of the average fixed cost is that, it?
  • A. rises and falls faster than the marginal cost
  • B. is U-shaped and intersects the price axis
  • C. is always higher than the average variable cost
  • D. falls continuously but is never equal to zero
View Answer & Discuss JAMB 1999
13
In a perfect competition, every firm is a price?
  • A. maker
  • B. taker
  • C. giver
  • D. bidder
View Answer & Discuss JAMB 1999
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14
Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
Find the average total cost of producing one units?
  • A. N 60
  • B. N 45
  • C. N 35
  • D. N 30
View Answer & Discuss (5) JAMB 1999
15
Which of the following falls continuously as output expands?
  • A. Average fixed cost
  • B. Marginal cost
  • C. Average variable cost
  • D. Average cost
View Answer & Discuss (2) JAMB 1999
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