The market structure in which there is interdependence of price-output policies is
A pure monopoly
An oligopoly
A pure competition
A monopolistic competition
Correct answer is B
No explanation has been provided for this answer.
The only factor of production that plays an active role in the production process is
Land
Capital
Entrepreneur
Labour
Correct answer is C
No explanation has been provided for this answer.
A rising short-run average cost is a result of
Economies of scale
Falling marginal costs
Diminishing returns
Rising fixed costs
Correct answer is C
No explanation has been provided for this answer.
The marginal productivity theory applies in a
Unionized labour market
Perfectly competitive market
Monopsonistic market only
Monopolistic market only
Correct answer is B
The marginal productivity theory states that under perfect competition, the price of each factor of production will be equal to its marginal productivity.
Marginal productivity refers to the extra output, return, or profit yielded per unit by advantages from production inputs.
The major problem of conducing a census in Nigeria is
Inadequate skilled personnel
Financial constraint
Urban congestion
Lack of political will
Correct answer is D
No explanation has been provided for this answer.