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Jamb Economics Past QuestionsJamb Past Questions and Answers on Market StructuresQuestion 91:The market structure in which there is interdependence of price-output policies is A. A pure monopoly B. An oligopoly C. A pure competition D. A monopolistic competition Question 92:A perfectly competitive firm is advised to close down when the A. Price is below the marginal cost B. Price is equal to the marginal revenue C. Marginal revenue is equal to the marginal cost D. Price is below the average variable cost Question 93:Product differentiation in monopolistic competition implies that A. Different buyers pay different prices for the same product B. Different products are sold to the same buyer C. Sellers determine whom to sell their products to D. The same product is available in different forms Question 94:The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its A. Marginal cost B. Average cost C. Average revenue D. Marginal revenue Question 95:In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour? A. N396 B. N323 C. N250 D. N146 |
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