Imperfect Market - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1990

The tailoring services is competitive partly because it consists of a large number of?

A. Large-scale enterprises
B. Medium scale enterprises
C. Small scale enterprises
D. Government-owned enterprises

Question 27:

• JAMB 1990

Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?

A. Cost of production is at a medium
B. The plant is of optimum size
C. Price is above marginal revenue
D. Average variable cost is at a minimum

Question 28:

• JAMB 1991

In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when

A. \( \begin{matrix} P_ x = P _ y \\ MP _ x = MP _ y \end{matrix} \)
B. \(\begin{matrix} MP _ x = P _ x \\ MP _ y = P _ y \end{matrix}\)
C. P _x. MP _x = P _y. MP _y
D. P _x P _y = MP _x. MP _y

Question 29:

• JAMB 1993

At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?`

A. Price is always equal to marginal cost
B. Supply is always equal to demand
C. Price is always higher than marginal cost
D. There are always many buyers and many sellers

Question 30:

• JAMB 1993

In the diagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

A. P_d
B. P₂
C. P₃
D. P₄