Imperfect Market - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 2000

The firm whose sales and total revenue of the commodity as given in the table is

A. A monopolist
B. A monopolistic competitor
C. An oligopolist
D. A perfect competitor

Question 37:

• JAMB 2001

In the long-run, a monopolist maximized his profit when the marginal cost equals?

A. Total revenue
B. Marginal revenue
C. Average revenue
D. Price

Question 38:

• JAMB 2001

An imperfect market exist where?

A. The product is homogenous
B. There is perfect information among sellers
C. Both buyers and sellers have free entry into and free exits from the market
D. The location of some sellers gives them an advantage over others

Question 39:

• JAMB 2002

The short-run equilibrium output for a monopolist is determined by the?

A. Highest point on the total revenue curve
B. Minimum point on the average revenue and the average cost curve
C. Intersection of the average revenue and the average cost curves
D. Intersection of the marginal cost and marginal revenue curves

Question 40:

• JAMB 2003

Imperfect market is characterized by

A. Perfect mobility of factors of production
B. Many buyers and few sellers
C. A large number of buyers and sellers
D. Non-preferential treatment