Market Structures - Jamb Economics Past Questions and Answers

Question 66:

• JAMB 1994

In the long run, a firm in a perfectly competitive market will make?

A. Normal profit
B. Adnormal profit
C. Marginal profit
D. No profit

Question 67:

• JAMB 1994

Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?

A. Pure monopoly
B. Perfect monopoly
C. Perfect competition
D. Monopsonist competition

Question 68:

• JAMB 1995

In the diagram above, the total revenue of the monopolist is given by the area

A. OQ₁MP₂
B. P₄MTP₁
C. OQ₁ TP₁
D. OQ₂SP₂

Question 69:

• JAMB 1997

A market where there are many differentiated products is called?

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

Question 70:

• JAMB 1998

The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?

A. Unitary
B. Greater than one
C. Infinite
D. Less than one