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Economics WAEC Past Questions

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1291

parallel markets are usually the results of 

  • A. excess supply
  • B. the activities of rich individuals
  • C. price legislation
  • D. inadequate information
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1292

Another term for equilibrium price is?

  • A. price floor
  • B. demand price
  • C. market clearing price
  • D. satisfactory price
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1293

when a firm is enjoying internal economies of scale, its?

  • A. total cost of production is increasing
  • B. average fixed cost is rising continuously
  • C. average cost of production decreases as output increases
  • D. average revenue and marginal revenue are decreasing
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1294

The specialization of labour enhances production because people?

  • A. can concentrate on all goods
  • B. can efficiently produce their own needs
  • C. can save time and produce more
  • D. become experts in all areas of production
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1295

which of the following can be added to a firm's profit to obtain total revenue

  • A. total variable cost
  • B. total fixed cost
  • C. marginal cost
  • D. total revenue
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