Jamb Economics 2006 Past Questions and Answers

Question 41:

• JAMB 2006

The market structure in which there is interdependence of price-output policies is

A. A pure monopoly
B. An oligopoly
C. A pure competition
D. A monopolistic competition

Question 42:

• JAMB 2006

If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the

A. Average variable cost is minimum
B. Marginal cost is falling
C. Average cost is minimum
D. Average fixed cost is falling

Question 43:

• JAMB 2006

A perfectly competitive firm is advised to close down when the

A. Price is below the marginal cost
B. Price is equal to the marginal revenue
C. Marginal revenue is equal to the marginal cost
D. Price is below the average variable cost

Question 44:

• JAMB 2006

Product differentiation in monopolistic competition implies that

A. Different buyers pay different prices for the same product
B. Different products are sold to the same buyer
C. Sellers determine whom to sell their products to
D. The same product is available in different forms

Question 45:

• JAMB 2006

If the price per unit is N2, what is the average revenue when 6 men are employed?

A. N220
B. N120
C. 110
D. N330