Market Structures - Jamb Economics Past Questions and Answers

Question 81:

• JAMB 2002

The short-run equilibrium output for a monopolist is determined by the?

A. Highest point on the total revenue curve
B. Minimum point on the average revenue and the average cost curve
C. Intersection of the average revenue and the average cost curves
D. Intersection of the marginal cost and marginal revenue curves

Question 82:

• JAMB 2003

Imperfect market is characterized by

A. Perfect mobility of factors of production
B. Many buyers and few sellers
C. A large number of buyers and sellers
D. Non-preferential treatment

Question 83:

• JAMB 2004

By advertising, a monopolistic competitive firm tries to shift its

A. Supply curve to the right
B. Demand curve to the right
C. Supply curve to the left
D. Demand curve to the left

Question 84:

• JAMB 2004

The distinction between perfect competition and monoplistic competition is that the latter is characterized by

A. A single market price
B. Many buyers and sellers
C. Product differentiation
D. Homogeneity of product

Question 85:

• JAMB 2004

The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

A. Q₃
B. Q₄
C. Q₁
D. Q₂