Imperfect Market - Jamb Economics Past Questions and Answers

Question 51:

• JAMB 2010

One of the characteristics of monopolistic competition is that

A. There is mobility of factors of production
B. No single seller dominates the market
C. The firms are price-takers
D. Consumers have perfect knowledge of price

Question 52:

• JAMB 2011

One of the characteristics of oligopoly is the availability of

A. Few sellers
B. Few buyers
C. Many sellers
D. A single seller

Question 53:

• JAMB 2012

Patents and copyrights enable monopolists to

A. Determine the quality of their products
B. Determine the scale of their products
C. Restrict information flow to new firms
D. Restrict entry of new firms

Question 54:

• JAMB 2012

A discriminatory monopoly is characterized by

A. A common elasticity in different markets
B. Different elasticities in different markets
C. A finite elasticity in all markets
D. Zero elasticity in all markets

Question 55:

• JAMB 2020

What form of market is found in an imperfect competition where there are few buyers and many sellers

A. Monopoly
B. Oligopoly
C. Duopoly
D. Oligopsony