Imperfect Market - Jamb Economics Past Questions and Answers

Question 56:

• JAMB 2021

Oligopoly means ____________

A. Single buyer in the market.
B. Few buyers in the market.
C. Few sellers in the market
D. Many sellers in the market

Question 57:

• JAMB 2021

Pricing and Output decisions of sellers are highly inter-dependent in markets known as ____________

A. Monopoly
B. Oligopoly
C. Monopolistic competition
D. Perfect competition