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Imperfect Market - Economics Jamb Past Questions and Answers

Economics Questions And Answers On Imperfect Market
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Economics Jamb Past Questions


Question 21 :



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

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


Question 22 :



One of the characteristics of an imperfect market is?

A. A large number of buyers and sellers
B. A lack of homogeneity of products
C. An adequate awareness of market conditions by buyers and sellers
D. The availability of substitutes


Question 23 :



In the short run, the monopolistic competitors?

A. Always makes profit
B. Always incurs a loss
C. Always breaks -even
D. May close down


Question 24 :



In order to increase its profit margin, the monopolist can manipulate

A. Both price and output
B. Either price or output
C. Only its price
D. Only its output


Question 25 :



An imperfect market in which there is only one buyer of a commodity is?

A. Monopsony
B. Oligopoly
C. Monoploy
D. Duopoly






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