Imperfect Market - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1982

A commodity can be sold for two or more different prices if it is?

A. Produced or sold by oligopoly
B. Sold in perfect market
C. Produce or sold by monopsony
D. Produced or sold by monopoly
E. Produced or sold by perfect competition

Question 12:

• JAMB 1982

Oligopoly means

A. Large number of sellers in the markets
B. Single seller in the market
C. Few sellers in the markets
D. Few buyers in the market
E. Single buyer in the market

Question 13:

• JAMB 1982

Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is

A. Elastic in both markets
B. Uniltary elastic in both market
C. Inelastic in both markets
D. Elastic in one market and inelastic in the other
E. Unitary elastic in none of the markets

Question 14:

• JAMB 1983

Differentiated product is the characteristic feature of?

A. Perfect competition
B. Pure competition
C. Monopolistic competition
D. Monopoly
E. Oligopoly

Question 15:

• JAMB 1984

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

A. Equal to marginal cost
B. Greater than marginal cost
C. Greater than average total cost
D. Equal to marginal revenue
E. Equal to toal revenue