Market Structures - Jamb Economics Past Questions and Answers

Question 31:

• JAMB 1983

Differentiated product is the characteristic feature of?

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

Question 32:

• JAMB 1983

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

A. Curve I
B. Curve ll
C. Curve lll
D. Curve lV
E. Curves l and lll

Question 33:

• JAMB 1984

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

A. Equal to marginal cost
B. Greater than marginal cost
C. Greater than average total cost
D. Equal to marginal revenue
E. Equal to toal revenue

Question 34:

• JAMB 1984

An imperfectly competitive market is one where?

A. A large number of firms sell homogenous products
B. Input and output prices are unaffected
C. Each firm faces aa horizontal demand curve
D. Each firm maximize profit by selecting an output level at
E. Commodities are differentiated

Question 35:

• JAMB 1984

A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?

A. It is illegal price cutting
B. Other competitors will be angry
C. Total revenue will decline due to its elastic demand curve
D. It is able to sell all it wants at the market price
E. It does not maximize profit