When two goods are involved, a rational consumer maximises utility where

Here are the solutions to the questions: 23. When two goods are involved, a rational consumer maximizes utility where the marginal utility per dollar spent is equal for both goods. This is represented by the formula: (MU_X)/(P_X) = (MU_Y)/(P_Y) The correct option is A*. A. (MUX)/(PX) = (MUY)/(PY) 24. A fixed cost is a cost that does not change with the level of output in the short run. Rent on land is typically a payment that remains constant regardless of how much is produced. The correct option is A*. A. Rent on land 25. The efficacy of economic development plans in Nigeria has often been hampered by political instability and frequent changes in government, leading to policy inconsistencies and abandonment of long-term strategies. The correct option is D*. D. frequent changes in government 26. Human capital refers to the skills, knowledge, and experience possessed by individuals. Providing training to personnel directly enhances these attributes, thereby improving human capital. The correct option is A*. A. personnels training 27. In the long run, all factors of production are considered variable, meaning their quantities can be adjusted by the firm. The correct option is C*. C. variable 28. Total Revenue (TR) is maximized when Marginal Revenue (MR) equals zero. Beyond this point, if MR becomes negative, TR will start to decrease. The correct option is E*. E. at its maximum 29. An oligopolistic market is characterized by a small number of large producers. This limited number is often due to significant barriers to entry, such as the large capital requirements needed to start a business in such an industry. The correct option is D*. D. large capital requirement 30. The efficiency of labour, which is the output produced per worker, can be significantly improved by providing good working conditions. This includes a safe environment, fair treatment, and adequate resources, all of which contribute to higher productivity and morale. The correct option is A*. A. good working condition 31. Human capital can be enhanced by improving the health, education, and skills of the population. The provision of better health services directly contributes to a healthier workforce, which is more productive and capable of learning, thus enhancing human capital. The correct option is E*. E. provision of better health services 3 done, 2 left today. You're making progress.