Assumptions And Characteristics Of Perfectly Competitive Market - Economics Jamb Past Questions and Answers

Question 16 :

• JAMB 1999

In a perfect competition, every firm is a price?

A. Maker
B. Taker
C. Giver
D. Bidder

Question 17 :

• JAMB 2000

The condition for equilibrium price and quantity under perfect competition is?

A. MC = AR = TR
B. TC =AR = P
C. MC = AR = P
D. MC = AR = TC

Question 18 :

• JAMB 2000

The short-run equilibrium in a perfectly competitive market requires that?

A. Marginal cost be equal to total revenue
B. Marginal cost and marginal revenue be equal
C. Costs are mutually determined by buyers and sellers
D. The marginal cost curve cuts the total cost curve

Question 19 :

• JAMB 2001

An important feature of perfect competition is that?

A. The movement of goods and services is restricted
B. There is adequate knowledge of existing prices
C. Prices are centrally administered
D. Individual economic units can influence prices

Question 20 :

• JAMB 2005

A major assumption in a perfectly competitive market is that

A. The number of buyers and sellers is small
B. Individuals cannot influence prices
C. The quality of products remains the same
D. Prices will always remain constant