Imperfect Market - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2015

The market in which the operators are many and none of them can influence the price is

A. Stock exchange market
B. Imperfect market
C. Perfect market
D. Exchange market

Question 7:

• JAMB 2014

A monopolist can boost up his revenue by

A. Adjusting both price and output upward
B. Reducing total output to match price
C. Increasing price
D. Reducing price

Question 8:

• JAMB 2014

One of the characteristics of a monopolist is that, he can influence

A. Quantity produced by other producers
B. Prices charged by other producers
C. Both price and quantity
D. Price or quantity

Question 9:

• JAMB 1979

Pure monopoly describes market where

A. There are many sellers and a few buyers
B. Goods are sold at different price
C. Entry is not blocked, but no one cares to enter
D. A few sellers and one buyer exist
E. None of the above

Question 10:

• JAMB 1979

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

A. Free market
B. Perfectly competitive market
C. Controllled market
D. Stock exchange market
E. Open market