Market Structures - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 2015

A firm that charges the maximum price without attracting competition from new entrants is

A. Oil firms
B. Monopolistic competitive firm
C. Monopolistic firm
D. Perfectly competitive firm

Question 17:

• JAMB 2015

The market in which the operators are many and none of them can influence the price is

A. Stock exchange market
B. Imperfect market
C. Perfect market
D. Exchange market

Question 18:

• JAMB 2015

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

A. The industry has many differentiated products
B. The industry is characterized by rapid technological change
C. The industry consist of large number of producers
D. There are significant barriers to prevent firms entering the market

Question 19:

• JAMB 2014

A monopolist can boost up his revenue by

A. Adjusting both price and output upward
B. Reducing total output to match price
C. Increasing price
D. Reducing price

Question 20:

• JAMB 2014

A perfect competitor will continue to expand output up to the point where

A. TC > TR
B. MR = AR
C. MC < MR
D. MC > MR