JAMB Economics Past Questions, Answers & Explanations - Economics

Jamb Economics Questions

Question 6:

A firm achieves least-cost in production by substituting factors until?

A Their prices are equal
B The ratio of their marginal -physical-products equals the ratio of their prices
C Their marginal -physical-products are each equal to their factor prices
D Their marginal -physical-products are each equal to zero

Question 7:

Economics of scale operate only when?

Question 8:

At the point of profit maximization by a firm, marginal cost is?

Question 9:

A situation in which all inputs are doubled and output also doubles is known as?

Question 10:

The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his?