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2606
In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?
  • A. Curve I
  • B. Curve ll
  • C. Curve lll
  • D. Curve lV
  • E. Curves l and lll
View Answer & Discuss (1) JAMB 1983
2607
The curves Do Do and SoSo are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?
  • A. The supply curve will shift from SoSo to S2S2
  • B. The supply curve will shift from SoSo to S1S1
  • C. The supply curve will shift fromS 2S2 to S1S1
  • D. The supply curve will shift from S1S1 to SoSo
  • E. The demand curve will shift from DoDo to D1D1
View Answer & Discuss (2) JAMB 1983
2608
In the diagram, the supply curve So So shifts to a new position S1 S1 to indicate
  • A. a drop in supply
  • B. a rise in supply
  • C. a supply- push inflation
  • D. a stable supply curve
  • E. an increase in quantity supplied
View Answer & Discuss JAMB 1984
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2609

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

  • A. N350.00
  • B. N340.00
  • C. 360.00
  • D. 370.00
  • E. 55.00
View Answer & Discuss (1) JAMB 1984
2610
The diagram illustrates
  • A. the circular flow of income
  • B. gross national product plus depreciation
  • C. incomes of the private sector
  • D. the profit of business enterprises
  • E. the output approach to national income determination
View Answer & Discuss (4) JAMB 1984
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