JAMB Economics 2009 Objective — Question 21
Question 21 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2009 Objective paper, with the correct answer and a full explanation.
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The shape of the long-run average cost curve is best explained by the
- A. law of diminishing returns
- B. law of returns to scaleCorrect
- C. cost of fixed inputs
- D. cost of variable inputs
Explanation
The shape of the long-run cost curve is explained by the laws of returns to scale while that of the short run is explained by the law of diminishing return.
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