Market Structures - Economics Jamb Past Questions and Answers

Question 101 :

• JAMB 2010

One of the characteristics of monopolistic competition is that

A. There is mobility of factors of production
B. No single seller dominates the market
C. The firms are price-takers
D. Consumers have perfect knowledge of price

Question 102 :

• JAMB 2011

One of the characteristics of oligopoly is the availability of

A. Few sellers
B. Few buyers
C. Many sellers
D. A single seller

Question 103 :

• JAMB 2011

The optimal range of output for a perfectly competitive firm is

A. AC is lowest
B. AVC is lowest
C. MC is rising
D. MC is falling

Question 104 :

• JAMB 2011

The profit of a monopolist can be eliminated where price equals

A. AFC
B. MC
C. AC
D. AVC

Question 105 :

• JAMB 2012

Patents and copyrights enable monopolists to

A. Determine the quality of their products
B. Determine the scale of their products
C. Restrict information flow to new firms
D. Restrict entry of new firms