Market Structures - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1981

Which of the following statements 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 27:

• JAMB 1982

A commodity can be sold for two or more different prices if it is?

A. Produced or sold by oligopoly
B. Sold in perfect market
C. Produce or sold by monopsony
D. Produced or sold by monopoly
E. Produced or sold by perfect competition

Question 28:

• JAMB 1982

Full equilibrium under perfect competition requires that?

A. MC =MR and AC =AR
B. MC = MR but AR>AC
C. MR =MC =AR=AC
D. TR>TC
E. MR=MC

Question 29:

• JAMB 1982

Oligopoly means

A. Large number of sellers in the markets
B. Single seller in the market
C. Few sellers in the markets
D. Few buyers in the market
E. Single buyer in the market

Question 30:

• JAMB 1982

Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is

A. Elastic in both markets
B. Uniltary elastic in both market
C. Inelastic in both markets
D. Elastic in one market and inelastic in the other
E. Unitary elastic in none of the markets