Perfectly competitive market - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 1990

In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by

A. TX
B. RT
C. ST
D. TY

Question 22:

• JAMB 1991

Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?

A. Monopolist charges a lower price than the perfect competitior
B. Perfect competitior charges a lower price and produces a large output than the monopolist
C. Perfect competitior produces a smaller output than the monopolist
D. Monopolist charges a lower price and produces a larger output than the perfect competitor

Question 23:

• JAMB 1991

In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

A. Marginal cost is minimum
B. Average cost is minimum
C. Total cost is minimum
D. Marginal cost revenue is maximum

Question 24:

• JAMB 1991

The firm portrayed is selling in

A. A purely competitive market
B. A market in which demand elastic at all prices
C. An imperfectly competitive markket
D. A market in which companies produce homogeneous commodities

Question 25:

• JAMB 1994

In the long run, a firm in a perfectly competitive market will make?

A. Normal profit
B. Adnormal profit
C. Marginal profit
D. No profit