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Economics WAEC Past Questions

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1241

A price floor is usually fixed 

  • A. at the equilibrium and causes shortage
  • B. above the equilibrium and causes shortage
  • C. below the equilibrium and causes shortage
  • D. above the equilibrium and causes surplus
View Answer & Discuss (1) WAEC 2018
1242

A market is in equilibrium when?

  • A. there is no government intervention
  • B. the demand is the same as the supply
  • C. buyers and sellers are free to sell more goods
  • D. there is no free entry and exit
View Answer & Discuss WAEC 2018
1243

A firm average cost decreases in the longrun because?

  • A. increasing returns to scale
  • B. diminishing average returns
  • C. decreasing marginal returns
  • D. decreasing average fixed cost
View Answer & Discuss (1) WAEC 2018
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1244

The larger a firm, the lower its cost of production

This statement explains the?

  • A. law of diminishing marginal returns
  • B. concept of economies of scale
  • C. law of comparative cost advantage
  • D. theory of division of labour
View Answer & Discuss (2) WAEC 2018
1245

in the the longrun, a firm must shut down if its average revenue is?

  • A. greater than average cost
  • B. less than average variable cost
  • C. equal to the minimum average cost
  • D. equal to the average cost
View Answer & Discuss WAEC 2018
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