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2636
In the diagram, the profit maximizing output is
  • A. Q1 while 1 = AC and II = MC
  • B. Q1, while l = MC and ll = AC
  • C. Q2, while l = MC and ll AC
  • D. Q3, while l = AC and ll = MC
View Answer & Discuss JAMB 1992
2637
if in the graph, it is assumed that the price is initially P1, it can be deduced that price will
  • A. fall because there is a surplus
  • B. remain constant because it is the equilibrium price
  • C. rise because there is a shortage
  • D. double
View Answer & Discuss JAMB 1992
2638
Calculate the marginal physical product of the last unit of input
  • A. o
  • B. 2
  • C. 4
  • D. 10
View Answer & Discuss (2) JAMB 1992
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2639
At what level of input has diminishing marginal returns set in?
  • A. 3
  • B. 16
  • C. 20
  • D. 22
View Answer & Discuss (1) JAMB 1992
2640
Given an output of 3 units, the average is
  • A. N16.00
  • B. N18.00
  • C. 20.00
  • D. 24.00
View Answer & Discuss (2) JAMB 1993
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