Market Structures - Jamb Economics Past Questions and Answers

Question 96:

• JAMB 2008

The characteristic of entry and exit ensures that firms

A. Earn excess profit
B. Earn normal profit
C. Break-even
D. Expand their operations

Question 97:

• JAMB 2008

Which of the following producer is closest to being a monopolist?

A. A baker
B. A wheat farmer
C. A large chain store
D. An automobile plant

Question 98:

• JAMB 2009

If a monopolist is incurring short-run losses, this means that his

A. Selling price is above the short-run marginal cost
B. Selling price is below the short-run marginal cost
C. Average revenue is greater than marginal revenue
D. Average reveune is less than marginal revenue

Question 99:

• JAMB 2009

In the long run, one of the characteristics of monopolistic competitive firms is that they

A. Make abnormal profits
B. Suffer losses
C. Make normal profits
D. Collude with each other

Question 100:

• JAMB 2010

In perfect competition,price is determined by the

A. Government
B. Sellers
C. Buyers
D. Market