WAEC (WASSCE) Economics · Production, firms and markets
Theory of cost and revenue: WAEC Economics Past Questions and Answers
What the WAEC syllabus covers in Theory of cost and revenue
Our summary: The different measures of a firm's costs and revenue, and how economists and accountants see cost differently.
- Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short run and long run costs
- Distinction between economist's and accountant's view of cost (opportunity cost and money cost)
- Revenue concepts: total, average and marginal revenue; marginal revenue product
Syllabus content © The West African Examinations Council (WASSCE (harmonised West African syllabus)).
WAEC (WASSCE) Economics questions on Theory of cost and revenue
- WAEC 2024Which of the following best explains diseconomies of scale? Increase in output causes the
- WAEC 2023A fall in the price of a normal commodity which has elastic demand will result in
- WAEC 2023The average revenue curve of a firm in a perfect market is the same as the
- WAEC 2023The total fixed cost curve is
- WAEC 2021The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve …
- WAEC 2020One feature of the average fixed cost is that it
- WAEC 2019A cost of production that is positively related to output is the
- WAEC 2018in the the longrun, a firm must shut down if its average revenue is?
- WAEC 2018A firm average cost decreases in the longrun because?
- WAEC 2017The amount of money that a firm recieves from the sales of its output is called
- WAEC 2017when a firm is enjoying internal economies of scale, its?
- WAEC 2016The long run is a period when
- WAEC 2016The necessary condition for a firm to be in equilibrium is that marginal revenue is
- WAEC 2016At which stage of production should a firm shut down? when
- WAEC 2016What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will
- WAEC 2015which of the following curves is not U shaped
- WAEC 2015Total cost is obtain by?
Years with Theory of cost and revenue questions in DeeepSolve's question bank
From the past questions DeeepSolve holds, not a count of everything the exam body has set.
- 2024
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- 2021
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- 2019
- 2018
- 2017
- 2016
- 2015