Watch the video lesson below and answer the questions that follows. (Post your answer into the comment box below this post) NOTE: The correction will be posted soon.

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Cost Concept Video Lesson.

Cost Concept JAMB Past Question Practice

Attempt the Questions below. Post your answer into the comment box, the correction will be posted soon.

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1. A company’s expenditure on raw materials is regarded as?

• A. explicit cost
• B. implicit cost
• C. prime cost
• D. average cost

2. If additional unit of a variable factor input causes a fall in the marginal product, this implies that

• A. Total product starts declining
• B. Average product has become zero
• C. Diminishing returns has set in
• D. Increasing returns is operating

3. The additional cost incurred by producing an additional unit of output is known as

• A. Fixed cost
• B. Total cost
• C. Average cost
• D. Marginal cost

4. Average product is less than marginal product when

• 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

5. From the graph above, R represents

• A. marginal cost
• B. total cost
• C. variable cost
• D. fixed cost

Post your answer into the comment box below, the correction will be posted soon.

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