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2023 Economics WAEC (WASSCE) Theory Past Questions (Paper 2)
Content:
- 2023 Economics WAEC (WASSCE) Theory Past Questions (Paper 2)
- SECTION A (1 – 2) – Consists of two data-response questions and candidates will be required to answer one of them.
- SECTION B (3 – 8) – Consists of six questions and candidates will be required to answer any three of them.
- Duration – 2 hours
SECTION A (1 – 2)
Answer any one (1)
Question 1:
The equilibrium position of a firm is illustrated in the diagram below. Study the diagram and answer the questions that follow:
a. Determine the firm’s:
(i) equilibrium output level
(ii) equilibrium price
b. At the equilibrium output level, calculate the firm’s:
(i) Total cost
(ii) Total revenue
(iii) Total profit
c. Is the firm operating in the long-run or short-run? Explain your answer
(i) What type of market is the firm operating in?
(ii) List three features of the
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