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Economics Past Questions and Answers

Jamb Economics Questions

Question 26:

The short-run equilibrium output for a monopolist is determined by the?

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A Highest point on the total revenue curve
B Minimum point on the average revenue and the average cost curve
C Intersection of the average revenue and the average cost curves
D Intersection of the marginal cost and marginal revenue curves

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Question 27:

The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?

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A Internal economies of scale
B Economies of scale
C Market economies
D External economies

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Question 28:

In the short-run a firm marginal cost curve above the point of shut-down is its?

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A Demand curve
B Supply curve
C Cost curve
D Supply curve

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Question 29:

The economic policy of deregulation is aimed at encouraging?

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A A monopolistic market structure
B A duopolistic market structure
C A competitive market structure
D An oligopolistic market structure

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Question 30:

Under conditions of perfect competition, a firm's supply curve is determined by its?

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A Total cost curve
B Marginal cost curve
C Variable cost curve
D Fixed cost curve

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