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Economics 2001 JAMB Past Questions

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16

Internal economies of scale are expected to bring about?

  • A. an increase in short-run average cost
  • B. an increase in long-run average cost
  • C. a decrease in long-run average cost
  • D. a decrease in short-run average cost
View Answer & Discuss (6) JAMB 2001
17
In the long-run, a monopolist maximized his profit when the marginal cost equals?
  • A. total revenue
  • B. marginal revenue
  • C. average revenue
  • D. price
View Answer & Discuss (6) JAMB 2001
18
The long run is a period during which a firm?
  • A. sells inputs to purchase fixed assets
  • B. varies all its inputs
  • C. sources all its inputs from within
  • D. replaces all its inputs
View Answer & Discuss JAMB 2001
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19
An important feature of perfect competition is that?
  • A. the movement of goods and services is restricted
  • B. there is adequate knowledge of existing prices
  • C. prices are centrally administered
  • D. individual economic units can influence prices
View Answer & Discuss JAMB 2001
20
If government fixes price below the equilibrium price, what effect will it have on demand?
  • A. Quantity demanded and supplied will be equal
  • B. Quantity supplied will be greater than quantity demanded
  • C. Quantity demanded will increase
  • D. Quantity demanded will decrease
View Answer & Discuss (3) JAMB 2001
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