Market Structures - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 1988

The output at which total revenue equals total cost is known as?

A. Profit-maximizing output
B. Break even level output
C. Loss-minizing output
D. Least-cost output

Question 47:

• JAMB 1988

One of the characteristics of an imperfect market is?

A. A large number of buyers and sellers
B. A lack of homogeneity of products
C. An adequate awareness of market conditions by buyers and sellers
D. The availability of substitutes

Question 48:

• JAMB 1988

Total revenue is always equal to?

A. Marginal revenue multiplied by the quantity sold
B. Average revenue plus marginal revenue
C. Marginal revenue multiplied by marginal cost
D. Average revenue multiplied by the quantity sold

Question 49:

• JAMB 1988

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

A. Not decrease in number
B. Keep output at the same level but make losses
C. Reduce production
D. Intensity the advertisement of their products

Question 50:

• JAMB 1988

In the short run, the monopolistic competitors?

A. Always makes profit
B. Always incurs a loss
C. Always breaks -even
D. May close down