Market Structures - Jamb Economics Past Questions and Answers

Question 76:

• JAMB 2000

The firm whose sales and total revenue of the commodity as given in the table is

A. A monopolist
B. A monopolistic competitor
C. An oligopolist
D. A perfect competitor

Question 77:

• JAMB 2001

A firm's shut-down point is reach when the average revenue fails to cover the?

A. Average variable cost
B. Marginal cost
C. Average total cost
D. Average fixed cost

Question 78:

• JAMB 2001

In the long-run, a monopolist maximized his profit when the marginal cost equals?

A. Total revenue
B. Marginal revenue
C. Average revenue
D. Price

Question 79:

• JAMB 2001

An important feature of perfect competition is that?

A. The movement of goods and services is restricted
B. There is adequate knowledge of existing prices
C. Prices are centrally administered
D. Individual economic units can influence prices

Question 80:

• JAMB 2001

An imperfect market exist where?

A. The product is homogenous
B. There is perfect information among sellers
C. Both buyers and sellers have free entry into and free exits from the market
D. The location of some sellers gives them an advantage over others