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Market Structures - Jamb Economics Past Questions and Answers

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Jamb Economics Past Questions

Jamb Past Questions and Answers on Market Structures

Question 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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