The trade unions in West Africa have achieved the following for the workers except
Increased wages
Better condition of services
Competitive determination of wage rate
Improved welfare facilities
Correct answer is C
No explanation has been provided for this answer.
Which of the following does not affect a country's population?
Birth rate
Death rate
Emigration
Unemployment
Correct answer is D
No explanation has been provided for this answer.
During a sale by auction, the price at which the goods finally sold is determined mostly by
Competition between buyers and sellers
Competition among buyers
Competition among sellers
Government policy
Correct answer is B
An auction is a sale in which buyers compete for a good by placing bids, and the goods sold to the highest bidder. It is done among competing buyers.
The purely competitive firm should close down when its price is less than its
Average variable cost
Total fixed cost
Average total cost
Marginal cost
Correct answer is A
No explanation has been provided for this answer.
Equilibrium under perfect competition requires that
MC = MR but AR < AC
MR = MC = AR = AC
AC = AR < MC
TR < TC
Correct answer is B
No explanation has been provided for this answer.