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Question 12 Economics 2010 | JAMB/UTME (2010)
A
weather, price and technology 
B
technology, weather and population 
C
technology, price and taste 
D
population, price and taste 
Explanation.
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Correct Option:
B
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Question 13 Economics 2010 | JAMB/UTME (2010)
A
perfectly elastic 
B
fairly inelastic 
C
infinitely inelastic 
D
fairly elastic 
Explanation.
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Correct Option:
D
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Question 14 Economics 2010 | JAMB/UTME (2010)
A
in competitive supply 
B
in composite supply 
C
jointly supplied 
D
in excess supply 
Explanation.
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Correct Option:
B
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Question 16 Economics 2010 | JAMB/UTME (2010)
A
maximum prices 
B
commodity boards 
C
minimum prices 
D
price control boards 
Explanation.
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Correct Option:
A
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Question 17 Economics 2010 | JAMB/UTME (2010)
A
there is constant returns to scale 
B
there is increasing returns to scale 
C
there is decreasing returns to scale 
D
diminishing returns set in 
Explanation.
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Correct Option:
C
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Question 18 Economics 2010 | JAMB/UTME (2010)
A
reducing average cost as production increases 
B
benefiting from the activties of other firms 
C
maximizing profits as production increases 
D
having an upward-sloping average cost curve 
Explanation.
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Correct Option:
A
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Question 19 Economics 2010 | JAMB/UTME (2010)
A
increasing efficiency 
B
economies of scale 
C
diseconomies of scale 
D
increasing marginal returns 
Explanation.
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Correct Option:
C
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Question 20 Economics 2010 | JAMB/UTME (2010)
A
enjoying free entry and exit 
B
operating at full capacity 
C
operating below capacity 
D
maximizing profits 
Explanation.
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Correct Option:
A
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