Market Structures - Jamb Economics Past Questions and Answers

Question 86:

• JAMB 2005

In the long run, the equilibrium point of a monoplistic firm is a point where the

A. Marginal cost curve is tangential to the average fixed cost curve
B. Demand curve is tangential to the average variable cost curve
C. Supply cuvre is tangential to the marginal cost curve
D. Demand curv is tangential to the average cost curve

Question 87:

• JAMB 2005

A major assumption in a perfectly competitive market is that

A. The number of buyers and sellers is small
B. Individuals cannot influence prices
C. The quality of products remains the same
D. Prices will always remain constant

Question 88:

• JAMB 2005

Under perfect competition, the short-run supply curve of a firm is determined by its

A. Total cost curve
B. Marginal cost curve
C. Average fixed cost curve
D. Average cost curve

Question 89:

• JAMB 2005

A profit maximizing monopolist should produce within the range where his demand is

A. Inelastic
B. Elastic
C. Infinitely elastic
D. Unitary elastic

Question 90:

• JAMB 2006

The marginal productivity theory applies in a

A. Unionized labour market
B. Perfectly competitive market
C. Monopsonistic market only
D. Monopolistic market only