Imperfect Market - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 1987

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:

• JAMB 1988

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:

• JAMB 1988

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:

• JAMB 1989

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:

• JAMB 1990

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

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