Market Structures - Jamb Economics Past Questions and Answers

Question 71:

• JAMB 1999

One of the characteristics of an imperfect market is the?

A. Large number of buyers and sellers in the market
B. Awareness of market conditions by buyers
C. Availability of substitutes
D. Heterogenetity of products

Question 72:

• JAMB 1999

In a perfect competition, every firm is a price?

A. Maker
B. Taker
C. Giver
D. Bidder

Question 73:

• JAMB 2000

The condition for equilibrium price and quantity under perfect competition is?

A. MC = AR = TR
B. TC =AR = P
C. MC = AR = P
D. MC = AR = TC

Question 74:

• JAMB 2000

The short-run equilibrium in a perfectly competitive market requires that?

A. Marginal cost be equal to total revenue
B. Marginal cost and marginal revenue be equal
C. Costs are mutually determined by buyers and sellers
D. The marginal cost curve cuts the total cost curve

Question 75:

• JAMB 2000

At the point where marginal revenue of a monopolist is equal zero, its total revenue will be?

A. Falling
B. Rising
C. Equal to zero
D. Maximum