Imperfect Market - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1984

An imperfectly competitive market is one where?

A. A large number of firms sell homogenous products
B. Input and output prices are unaffected
C. Each firm faces aa horizontal demand curve
D. Each firm maximize profit by selecting an output level at
E. Commodities are differentiated

Question 17:

• JAMB 1984

pricing and output decisions of sellers are highly interdependent in markets known as?

A. Oligopoly
B. Perfect competition
C. Monopoly
D. Monopolistic competition
E. Imperfect competititon

Question 18:

• JAMB 1984

Which of the following does NOT represent the behavior of a monopolist?

A. Manipulating the market price of his goods
B. Manipulating both the price and quantity of his goods at the same time
C. Raising the price at one market, lowering it at another market
D. Manipulating only quantity, price being a given factor
E. Manipulating the quantity of his goods

Question 19:

• JAMB 1985

If monopoly is attempting to maximize profit which of the following should it attempt to do?

A. Select that output at which ATC is at minimum
B. Set price equal to TC
C. Maximize profit per unit
D. Maximize revenue
E. Equate marginal cost to marginal revnue

Question 20:

• JAMB 1986

A monopolist will practice price discrimination in two markets if?

A. The cost of separating the markets is large
B. The markets have different elasticities of demand
C. There is free flow of information in the two markets
D. There is a patent of the commodity