POST UTME UNIBEN 2021 Commerce | Objective

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Question 1
In a perfectly competitive market, the demand curve for a firm's product is its
A. marginal cost curve
Correct B. marginal revenue curve
C. average revenue curve
D. average cost curve

Correct Answer: B

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Question 2
A company's marketing strategy involves creating a new product line that targets a specific demographic. This is an example of
A. product differentiation
Correct B. market segmentation
C. target marketing
D. positioning

Correct Answer: B

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Question 3
A firm's break-even point is the point at which its total revenue equals its
A. total fixed costs
B. total variable costs
Correct C. total costs
D. net income

Correct Answer: C

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Question 4
A company's financial statements include a balance sheet, income statement, and
A. cash flow statement
Correct B. statement of changes in equity
C. statement of comprehensive income
D. statement of cash flows

Correct Answer: B

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Question 5
A firm's marketing mix includes the 4 Ps: product, price,
A. place
Correct B. promotion
C. people
D. process

Correct Answer: B

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Question 6
In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. What is the equilibrium price and quantity in this market?
A. ₦100, 100 units
Correct B. ₦120, 80 units
C. ₦150, 60 units
D. ₦180, 40 units

Correct Answer: B

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Question 7
A firm's revenue function is given by R(x) = 2x^2 + 10x. Find the marginal revenue function.
Correct A. ( R'(x) = 4x + 10 )
B. ( R'(x) = 2x + 5 )
C. ( R'(x) = x^2 + 5x )
D. ( R'(x) = 2x^2 + 5x )

Correct Answer: A

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Question 8
A company's cost function is given by C(x) = 3x^2 + 20x. Find the marginal cost function.
Correct A. ( C'(x) = 6x + 20 )
B. ( C'(x) = 3x + 10 )
C. ( C'(x) = x^2 + 10x )
D. ( C'(x) = 3x^2 + 10x )

Correct Answer: A

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Question 9
A firm's demand function is given by Q = 100 - 2P. Find the inverse demand function.
Correct A. ( P = 50 - rac{1}{2}Q )
B. ( P = 100 - Q )
C. ( P = 50 + Q )
D. ( P = 100 + 2Q )

Correct Answer: A

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Question 10
A company's production function is given by Q = 2L^2 + 10L. Find the marginal product of labor.
Correct A. ( MP_L = 4L + 10 )
B. ( MP_L = 2L + 5 )
C. ( MP_L = L^2 + 5L )
D. ( MP_L = 2L^2 + 5L )

Correct Answer: A

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Question 11
In a perfectly competitive market, the law of diminishing marginal utility implies that the demand curve for a firm's product is
A. inelastic
B. elastic
Correct C. unit elastic
D. perfectly inelastic

Correct Answer: C

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Question 12
A firm's revenue is maximized when the price elasticity of demand is
Correct A. unit elastic
B. elastic
C. inelastic
D. perfectly inelastic

Correct Answer: A

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Question 13
A firm's cost function is given by C(x) = 2x^2 + 5x + 3. The marginal cost function is
Correct A. MC(x) = 4x + 5
B. MC(x) = 2x + 5
C. MC(x) = 4x + 3
D. MC(x) = 2x + 3

Correct Answer: A

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Question 14
A firm's revenue function is given by R(x) = 2x^2 + 5x + 3. The demand function is
Correct A. p(x) = 2x + 5
B. p(x) = 2x - 5
C. p(x) = x + 5
D. p(x) = x - 5

Correct Answer: A

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Question 15
A firm's supply function is given by S(x) = 2x^2 + 5x + 3. The supply function is
Correct A. S(x) = 2x + 5
B. S(x) = 2x - 5
C. S(x) = x + 5
D. S(x) = x - 5

Correct Answer: A

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Question 16
In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will
Correct A. increase
B. decrease
C. remain constant
D. shift to the left

Correct Answer: A

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Question 17
A company's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If labor increases by 20% and capital remains constant, what is the percentage change in output?
A. 10%
Correct B. 20%
C. 30%
D. 40%

Correct Answer: B

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Question 18
A firm has the following cost function: TC = 100 + 2Q + 0.5Q^2. If the firm produces 10 units of output, what is the total cost?
A. 150
B. 200
Correct C. 250
D. 300

Correct Answer: C

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Question 19
A company has the following revenue function: R = 100Q - 2Q^2. If the company produces 5 units of output, what is the marginal revenue?
A. 80
B. 90
Correct C. 100
D. 110

Correct Answer: C

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Question 20
A firm has the following profit function: π = 100Q - 2Q^2 - 100. If the firm produces 10 units of output, what is the profit?
A. 0
B. 50
Correct C. 100
D. 150

Correct Answer: C

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Question 21
In a perfectly competitive market, the supply curve is upward-sloping because firms are willing to supply more of a good as its price increases. However, this is not the case in a monopoly market. Explain why the supply curve in a monopoly market is downward-sloping.
A. The firm's fixed costs are high, making it unprofitable to produce at low prices.
Correct B. The firm's marginal cost is decreasing, making it profitable to produce at low prices.
C. The firm's demand curve is highly elastic, making it unprofitable to produce at low prices.
D. The firm's production costs are high, making it unprofitable to produce at low prices.

Correct Answer: B

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Question 22
A company is considering two different marketing strategies: a push strategy and a pull strategy. Explain the key differences between these two strategies.
Correct A. A push strategy involves promoting a product to intermediaries, while a pull strategy involves promoting a product to consumers.
B. A push strategy involves promoting a product to consumers, while a pull strategy involves promoting a product to intermediaries.
C. A push strategy involves using advertising to promote a product, while a pull strategy involves using sales promotions to promote a product.
D. A push strategy involves using sales promotions to promote a product, while a pull strategy involves using advertising to promote a product.

Correct Answer: A

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Question 23
A consumer is considering purchasing a product that has a price of ₦1,000. The consumer's budget constraint is such that they can only spend up to ₦2,000. Explain why the consumer may choose to purchase the product at the price of ₦1,000.
A. The consumer's income is high, allowing them to afford the product at the price of ₦1,000.
Correct B. The consumer's budget constraint is such that they can only spend up to ₦2,000, making the product affordable.
C. The consumer's utility function is such that they derive a high level of satisfaction from purchasing the product at the price of ₦1,000.
D. The consumer's opportunity cost of purchasing the product is low, making it a good value for money.

Correct Answer: B

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Question 24
A company is considering outsourcing its production to a foreign country. Explain the potential benefits of outsourcing production.
Correct A. Lower production costs, as labor costs are typically lower in foreign countries.
B. Increased competition, as foreign companies may offer lower prices.
C. Improved quality, as foreign companies may have better production processes.
D. Increased market share, as foreign companies may have a larger market presence.

Correct Answer: A

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Question 25
A consumer is considering purchasing a product that has a price of ₦500. The consumer's budget constraint is such that they can only spend up to ₦1,000. Explain why the consumer may choose to purchase the product at the price of ₦500.
A. The consumer's income is high, allowing them to afford the product at the price of ₦500.
Correct B. The consumer's budget constraint is such that they can only spend up to ₦1,000, making the product affordable.
C. The consumer's utility function is such that they derive a high level of satisfaction from purchasing the product at the price of ₦500.
D. The consumer's opportunity cost of purchasing the product is low, making it a good value for money.

Correct Answer: B

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