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Economics 2009 JAMB Past Questions

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16
The shape of the long-run average cost curve is best explained by the
  • A. law of diminishing returns
  • B. law of returns to scale
  • C. cost of fixed inputs
  • D. cost of variable inputs
View Answer & Discuss JAMB 2009
17

The supply curve of a perfectly competitive firm is identical to its

  • A. total cost
  • B. marginal cost
  • C. fixed cost
  • D. variable inputs
View Answer & Discuss (1) JAMB 2009
18
If a monopolist is incurring short-run losses, this means that his
  • A. selling price is above the short-run marginal cost
  • B. selling price is below the short-run marginal cost
  • C. average revenue is greater than marginal revenue
  • D. average reveune is less than marginal revenue
View Answer & Discuss JAMB 2009
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19
In developing countries, it is easier to obtain accurate national income estimates through the
  • A. GNP
  • B. GDP
  • C. NDP
  • D. NNP
View Answer & Discuss JAMB 2009
20

In the long run, one of the characteristics of monopolistic competitive firms is that they

  • A. make abnormal profits
  • B. suffer losses
  • C. make normal profits
  • D. collude with each other
View Answer & Discuss (4) JAMB 2009
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