Market Structures - Jamb Economics Past Questions and Answers

Question 91:

• JAMB 2006

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:

• JAMB 2006

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:

• JAMB 2006

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:

• JAMB 2007

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:

• JAMB 2008

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