Market Structures - Jamb Economics Past Questions and Answers

Question 56:

• JAMB 1990

Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?

A. Cost of production is at a medium
B. The plant is of optimum size
C. Price is above marginal revenue
D. Average variable cost is at a minimum

Question 57:

• JAMB 1990

In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by

A. TX
B. RT
C. ST
D. TY

Question 58:

• JAMB 1991

A market is in disequilibrium if?

A. The quantity purchased is greater than quantity sold
B. The quantity sold differs from the quantity purchased
C. At a lower price, a large quantity is sold
D. The quantity demand differs from the quantity supplied

Question 59:

• JAMB 1991

Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?

A. Monopolist charges a lower price than the perfect competitior
B. Perfect competitior charges a lower price and produces a large output than the monopolist
C. Perfect competitior produces a smaller output than the monopolist
D. Monopolist charges a lower price and produces a larger output than the perfect competitor

Question 60:

• JAMB 1991

In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

A. Marginal cost is minimum
B. Average cost is minimum
C. Total cost is minimum
D. Marginal cost revenue is maximum