Market Structures - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2018

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

A. Marginal product
B. Marginal cost curve
C. Demand curve
D. Average cost curve

Question 7:

• JAMB 2018

An example of a market which approaches fairly near to perfection is____________

A. The retail market
B. The house market
C. The labour market
D. The foreign exchange market

Question 8:

• JAMB 2017

Completely competitive market exist when each member is a

A. Price maker
B. Price taker
C. Price seeker
D. A and b

Question 9:

• JAMB 2017

Goods sold in perfectly competitive markets are generally

A. Homogenous
B. Intermediate and final
C. Durable and non-durable
D. Heterogeneous

Question 10:

• JAMB 2017

One of the unique features that distinguishes the perfect and imperfect market condition is _________

A. Profit motive principles
B. Absence of price control board
C. Price determines production and distribution
D. Number of sellers and buyers