Market Structures - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 2014

One of the characteristics of a monopolist is that, he can influence

A. Quantity produced by other producers
B. Prices charged by other producers
C. Both price and quantity
D. Price or quantity

Question 22:

• JAMB 1979

Pure monopoly describes market where

A. There are many sellers and a few buyers
B. Goods are sold at different price
C. Entry is not blocked, but no one cares to enter
D. A few sellers and one buyer exist
E. None of the above

Question 23:

• JAMB 1979

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

A. Free market
B. Perfectly competitive market
C. Controllled market
D. Stock exchange market
E. Open market

Question 24:

• JAMB 1981

Which of the following statement does NOT describe a situation of perfect competition.?

A. The firm faces an infinitely elastic demand curve
B. The firm makes no pure profit in the short run
C. The price does not change with changes in the output level of the firm
D. There is freedom of entry into, and exit out of the industry
E. The firm can sell all it produces at the market price

Question 25:

• JAMB 1981

Which of the following is NOT a characteristic of perfect competition?

A. Many sellers and buyers in the markets
B. There is perfect knowledge
C. Supply and demand are equal
D. There is no advertising
E. Products are identical