Market Structures - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 1984

pricing and output decisions of sellers are highly interdependent in markets known as?

A. Oligopoly
B. Perfect competition
C. Monopoly
D. Monopolistic competition
E. Imperfect competititon

Question 37:

• JAMB 1984

Which of the following does NOT represent the behavior of a monopolist?

A. Manipulating the market price of his goods
B. Manipulating both the price and quantity of his goods at the same time
C. Raising the price at one market, lowering it at another market
D. Manipulating only quantity, price being a given factor
E. Manipulating the quantity of his goods

Question 38:

• JAMB 1985

Under perfect competition, the long-run equilibrium requires?

A. MR = MC
B. MR = AC = AR
C. MR > MC
D. MR = MC = AR = AC
E. AR = AC

Question 39:

• JAMB 1985

If monopoly is attempting to maximize profit which of the following should it attempt to do?

A. Select that output at which ATC is at minimum
B. Set price equal to TC
C. Maximize profit per unit
D. Maximize revenue
E. Equate marginal cost to marginal revnue

Question 40:

• JAMB 1986

One major difference between monopoly and perfect competition is that?

A. The perfect competitor is a price taker while the monopolist determines his own output
B. Homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
C. Sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
D. There is free entry and exist in perfect competition but no free exist in monopoly