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JAMB Economics 1984 Question 3

Question 3

Theory of Production

Division of labour is limited by

  1. A.the size of the market
  2. B.the productivity of capital
  3. C.cost of production
  4. D.the factors of production
  5. E.government policy.
Show the answer and explanation

Answer: A (the size of the market)

Explanation

Specialisation produces large output, which only pays if there is a large enough market to buy it.