Pure monopoly - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2015

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

A. Price maker
B. Price taker
C. Price system
D. Price competition

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 1984

Which of the following does NOT represent the behavior of a monopolist?

A. Manipulating the market price of his goods
B. Manipulating both the price and quantity of his goods at the same time
C. Raising the price at one market, lowering it at another market
D. Manipulating only quantity, price being a given factor
E. Manipulating the quantity of his goods