JAMB Economics 2019 Objective — Question 25

Question 25 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2019 Objective paper, with the correct answer and a full explanation.

For all the major forms of market, the equilibrium output is the output at which

A. total cost equals total revenue
B. average cost is at its minimum
C. price equals average cost
D. marginal cost equals marginal revenueCorrect

Explanation

For all the major market structures, the equilibrium output is the output at which marginal cost equals marginal revenue.

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