Imperfect Market - Jamb Economics Past Questions and Answers

Question 31:

• JAMB 1994

The basic idea behind brand differentiation under an imperfect market arrangement is to?

A. Stimulate demand for rival products
B. Create demand for the particular product
C. Enable the product penetrate the market
D. Enable the product to complete with others

Question 32:

• JAMB 1995

In the diagram above, the total revenue of the monopolist is given by the area

A. OQ₁MP₂
B. P₄MTP₁
C. OQ₁ TP₁
D. OQ₂SP₂

Question 33:

• JAMB 1997

A market where there are many differentiated products is called?

A. Monopoly
B. Perfect competition
C. Monopolistic competition
D. Oligopoly

Question 34:

• JAMB 1999

One of the characteristics of an imperfect market is the?

A. Large number of buyers and sellers in the market
B. Awareness of market conditions by buyers
C. Availability of substitutes
D. Heterogenetity of products

Question 35:

• JAMB 2000

At the point where marginal revenue of a monopolist is equal zero, its total revenue will be?

A. Falling
B. Rising
C. Equal to zero
D. Maximum