Perfectly competitive market - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1994

Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?

A. Pure monopoly
B. Perfect monopoly
C. Perfect competition
D. Monopsonist competition

Question 27:

• JAMB 1998

The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?

A. Unitary
B. Greater than one
C. Infinite
D. Less than one

Question 28:

• JAMB 1999

In a perfect competition, every firm is a price?

A. Maker
B. Taker
C. Giver
D. Bidder

Question 29:

• JAMB 2000

The condition for equilibrium price and quantity under perfect competition is?

A. MC = AR = TR
B. TC =AR = P
C. MC = AR = P
D. MC = AR = TC

Question 30:

• JAMB 2000

The short-run equilibrium in a perfectly competitive market requires that?

A. Marginal cost be equal to total revenue
B. Marginal cost and marginal revenue be equal
C. Costs are mutually determined by buyers and sellers
D. The marginal cost curve cuts the total cost curve