A firm operating at full capacity will experience rising short-run total costs when
Prices of its variable inputs rise
Prices of its variable inputs fall
There is a change in management
Labour productivity increases
Correct answer is A
No explanation has been provided for this answer.
A necessary condition for specialization in an economy is the existence of
A regulated market
A competitive market
A medium of exchange
Adequate capital
Correct answer is D
No explanation has been provided for this answer.
Jointly supplied
Competitive
Composite
Jointly demanded
Correct answer is B
No explanation has been provided for this answer.
Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?
N720.00
N216.00
N44.00
N880.00
Correct answer is C
No explanation has been provided for this answer.
A major characteristic of a mixed economy is that
Economic decisions are made by both the rich and the poor
Both primary and secondary production are undertaken
The federal and the state governments undertaken joint projects
Economic activities are undertaken by both the public and private sectors
Correct answer is D
No explanation has been provided for this answer.