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JAMB Economics 2012 Objective — Question 22

Question 22 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2012 Objective paper, with the correct answer and a full explanation.

The equilibrium point of a firm is at the point where the isoquant is

A. A.is greater than the isocost
B. less than the isocost
C. tangent to the isocostCorrect
D. greater than the output

Explanation

When the isoquant is tangent to the isocost, the firm attains equilibrium.

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