WAEC Economics 2016 Objective — Question 20
Question 20 of 50 from the West African Examinations Council (WAEC) Economics 2016 Objective paper, with the correct answer and a full explanation.
Advertisement
20. The necessary condition for a firm to be in equilibrium is that marginal revenue is (a) greater than marginal cost (b) equal to marginal cost (c) less than average revenue (d) equal to average cost
- A. greater than marginal cost
- B. equal to marginal costCorrect
- C. less than average revenue
- D. equal to average cost
Explanation
The equilibrium condition of a firm is achieved where MR = MC.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.