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Economics Past Questions

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4431

A price floor is usually fixed

  • A. at the equilibrium and causes no shortage
  • B. above the equilibrium and causes shortage
  • C. below the equilibrium and causes surpluses
  • D. above the equilibrium and causes surpluses
View Answer & Discuss JAMB 2022
4432

A firm's average cost decreases in the long-run because of

  • A. increasing returns to scale
  • B. diminishing average returns
  • C. decreasing marginal returns
  • D. decreasing average fixed cost
View Answer & Discuss JAMB 2022
4433

In the long-run, 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 revenue is
  • D. equal to the average cost
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4434

In the event of bankruptcy, owners of joint-stock companies lose

  • A. their private properties
  • B. both company and private assets
  • C. only the capital invested
  • D. only their dividends
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4435

Wholesalers play an important in the distribution of goods and services because they

  • A. are located very close to consumers
  • B. finance both producers and retailers
  • C. pass information on from retailers to consumers
  • D. sell in small units to consumers
View Answer & Discuss JAMB 2022
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