Economics 1986 Jamb Past Questions and Answers

Question 21 :

• JAMB 1986

One major difference between monopoly and perfect competition is that?

A. The perfect competitor is a price taker while the monopolist determines his own output
B. Homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
C. Sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
D. There is free entry and exist in perfect competition but no free exist in monopoly

Question 22 :

• JAMB 1986

A producer sustains a loss in the short run if

A. Marfinal revenue is less than price
B. Price is less than average cost
C. Average variable cost is less than average cost
D. Marginal cost is less than marginal revenue

Question 23 :

• JAMB 1986

A monopolist will practice price discrimination in two markets if?

A. The cost of separating the markets is large
B. The markets have different elasticities of demand
C. There is free flow of information in the two markets
D. There is a patent of the commodity

Question 24 :

• JAMB 1986

In the normal channels of distribution the breaking of bulk is performed by the

A. Producer
B. Wholesaler
C. Retailer
D. Consumer

Question 25 :

• JAMB 1986

The most important advantage of co-operative societies is?

A. Their high degree of democracy
B. The increase inthe cost of marketing
C. That member are encouraged to save money
D. The possibility of raising loans for the members