If a total cost curve is plotted, marginal cost can be illustrated by the
Slope of the tangent to the curve at any given output
U-shaped curve cutting the total cost curve at its lowest point
Straight line from the origin to the mid-point of the curve
Straight line cutting the curve at its highest point
Correct answer is B
No explanation has been provided for this answer.
N400.00
N80.00
N40.00
N20.00
Correct answer is C
The unit cost of production is gotten by dividing the total cost by the output.
External dis-economies of scale result from excessive growth of
The whole industry
Some sectors of the industry
External factors
Internal factors
Correct answer is C
No explanation has been provided for this answer.
The condition for equilibrium price and quantity under perfect competition is
MC = AR = TR
TC =AR = P
MC = AR = P
MC = AR = TC
Correct answer is C
No explanation has been provided for this answer.
In a free market system, trading can only take place when the
Market is not working effectively
Equilibrium price is attained
Price of a commodity tends to attract consumers
Consumer's sovereignty is lacking
Correct answer is B
No explanation has been provided for this answer.