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Economics 2012 JAMB Past Questions

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16

The equilibrium point of a firm is attained at the point where the isoquant is

  • A. greater than the isocost
  • B. less than the isocost
  • C. tangent to the isocost
  • D. greater than the output
View Answer & Discuss (4) JAMB 2012
17
The long-run average cost curve touches to the short-run average cost curves at the
  • A. minimum points of all short run average cost curves
  • B. declining points of all short-run average cost curves
  • C. minimum point of only one of the short-run cost curves
  • D. rising points of all short-run average cost curves
View Answer & Discuss (3) JAMB 2012
18

If a firm doubles all inputs in the long run and the total output is less than doubled, this results in

  • A. diminishing returns
  • B. constant returns to scale
  • C. increasing returns to scale
  • D. decreasing returns to scale
View Answer & Discuss (4) JAMB 2012
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19

Patents and copyrights enable monopolists to

  • A. determine the quality of their products
  • B. determine the scale of their products
  • C. restrict information flow to new firms
  • D. restrict entry of new firms
View Answer & Discuss (4) JAMB 2012
20
A discriminatory monopoly is characterized by
  • A. a common elasticity in different markets
  • B. different elasticities in different markets
  • C. a finite elasticity in all markets
  • D. zero elasticity in all markets
View Answer & Discuss (6) JAMB 2012
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