JAMB Economics 2020 Objective — Question 24

Question 24 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2020 Objective paper, with the correct answer and a full explanation.

Use the graph below to answer questions 24 and 25. The optimum level of output of the firm is

A. BCCorrect
B. OB
C. OS
D. BS

Explanation

The optimum (profit-maximizing) output occurs where marginal cost equals marginal revenue, shown as point BC on the graph.

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