The downward sloping part of the long-run average cost curve of a firm may be attributable to
Diminishing returns
The law of variable proportions
Diseconomies of scale
Increasing returns to scale
Correct answer is D
No explanation has been provided for this answer.
A utility maximizing household will allocate its expenditure so that
More naira is spent on commodities with the highest utility
Less naira is spent on commodities with the lowest utility
The utility of the last naira spent on each commodity is equal
The amount spent on each commodity is equal
Correct answer is C
No explanation has been provided for this answer.
In a planned economy, what shall be produced is determined primarily by
What the consumer wants
Government decisions
Price mechanism
The pattern of consumer spending
Correct answer is B
No explanation has been provided for this answer.
A capitalist economy is one characterized by the
Private ownership of factors of production
Ownership of factors of production by rich members of the society
Use of capital and labour in fixed proportions during production
Use of capital intensive methods of production
Correct answer is A
No explanation has been provided for this answer.
The determinants of elasticity include
Price, time and availability of alternatives
Technology and cost of production
Time and availability of alternatives
Price, time and technology changes
Correct answer is A
No explanation has been provided for this answer.