Market Structures - Jamb Economics Past Questions and Answers

Question 106:

• JAMB 2012

A discriminatory monopoly is characterized by

A. A common elasticity in different markets
B. Different elasticities in different markets
C. A finite elasticity in all markets
D. Zero elasticity in all markets

Question 107:

• JAMB 2013

The profit of a monopolist can be eliminated where price equals

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

Question 108:

• JAMB 2020

What form of market is found in an imperfect competition where there are few buyers and many sellers

A. Monopoly
B. Oligopoly
C. Duopoly
D. Oligopsony

Question 109:

• JAMB 2021

Which of the following is NOT a character of perfect competition?

A. Supply and demand are equal
B. Products are identical
C. There is perfect knowledge
D. There is no advertising

Question 110:

• JAMB 2021

Oligopoly means ____________

A. Single buyer in the market.
B. Few buyers in the market.
C. Few sellers in the market
D. Many sellers in the market