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Economics 2006 JAMB Past Questions

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41
A perfectly competitive firm is advised to close down when the
  • A. price is below the marginal cost
  • B. price is equal to the marginal revenue
  • C. marginal revenue is equal to the marginal cost
  • D. price is below the average variable cost
View Answer & Discuss (1) JAMB 2006
42
Product differentiation in monopolistic competition implies that
  • A. different buyers pay different prices for the same product
  • B. different products are sold to the same buyer
  • C. sellers determine whom to sell their products to
  • D. the same product is available in different forms
View Answer & Discuss JAMB 2006
43

If the price per unit is N2, what is the average revenue when 6 men are employed?

  • A. N220
  • B. N120
  • C. 110
  • D. N330
View Answer & Discuss (9) JAMB 2006
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44
The diagram above shows the effect of
  • A. excess demand over supply at q3
  • B. excess supply over demand at q2
  • C. minimum price legislation at P2
  • D. maximum price legislation at P2
View Answer & Discuss (4) JAMB 2006
45
A movement from K to M will
  • A. decrease the consumer's utility
  • B. increase the price of the commodity
  • C. increase the consumer's utility
  • D. leave consumer's utility unchanged
View Answer & Discuss (3) JAMB 2006
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