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Economics 2008 WAEC Past Questions

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21
equilibrium under perfect competition requires that
  • A. MC = MR but AR < AC
  • B. MR = MC = AR = AC
  • C. AC = AR < MC
  • D. TR < TC
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22
The purely competitive firm should close down when its price is less than its
  • A. average variable cost
  • B. total fixed cost
  • C. average total cost
  • D. marginal cost
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23

During a sale by auction, the price at which the goods finally sold is determined mostly by

  • A. competition between buyers and sellers
  • B. competition among buyers
  • C. competition among sellers
  • D. government policy
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24
which of the following does not affect a country's population?
  • A. birth rate
  • B. death rate
  • C. Emigration
  • D. unemployment
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25
The trade unions in West Africa have achieved the following for the workers except
  • A. increased wages
  • B. better condition of services
  • C. competitive determination of wage rate
  • D. improved welfare facilities
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