Equilibrium under perfect competition requires that

A. MC = MR but AR < AC

B. MR = MC = AR = AC

C. AC = AR < MC

D. TR < TC

The purely competitive firm should close down when its price is less than its

A. average variable cost

B. total fixed cost

C. average total cost

D. marginal cost

During a sale by auction, the price at which the goods finally sold is determined mostly by

A. competition between buyers and sellers

B. competition among buyers

C. competition among sellers

D. government policy

Which of the following does not affect a country's population?

A. birth rate

B. death rate

C. Emigration

D. unemployment

The trade unions in West Africa have achieved the following for the workers except

A. increased wages

B. better condition of services

C. competitive determination of wage rate

D. improved welfare facilities

The employer's demand curve for labour is represented by the

A. marginal product curve of labour

B. total product curve of labour

C. average product curve of labour

D. total cost curve of labour

Agriculture plays a dominant role in our country because

A. it is the main source of energy

B. it employs more than 50% of the total labour force

C. it supplies all the industrial inputs

D. there are large plantations of cocoa, groundnut and palm oil

The main objective of specialization is to

A. allocate resources

B. limit worker's skills

C. increase the use of labour

D. increase productivity

Industry can be define as

A. several firms producing different commodities

B. group of firms producing similar commodities

C. different firms producing equal number of commodities

D. many firms producing for exports

Which of the following is a disadvantage of large scale production?

A. market economies

B. managerial economies

C. personal organization

D. division of labour