Economics Past Questions

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2631

Demand is relatively inelastic

A. at P₂ range
B. in the P₂ P ₄ price range
C. at P₃ only
D. at any price below P₂

View Answer & Discuss JAMB 1991

2632

Consider the table which shows output (o), total cost (TC)of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N 12, what is the maximum profit the firm can make ?

A. N2000.00
B. 1 200.00
C. 1000.00
D. 400.00

View Answer & Discuss (2) JAMB 1991

2633

The excess profit made by the firm in the short-run is represented by

A. ORTZ
B. OPVY
C. ORTW
D. ORSX

View Answer & Discuss (4) JAMB 1991

2634

The long-run equilibrium price and quantity for the firm are respectively

A. OP,OY
B. OR,OZ
C. OR,OX
D. OQ,OZ

View Answer & Discuss (1) JAMB 1991

2635

The value of total output in the economy using the value added approach is

A. N57.00
B. 37.00
C. 20.00
D. 15.00

View Answer & Discuss (4) JAMB 1991

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