Perfectly competitive market - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 2008

In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?

A. N396
B. N323
C. N250
D. N146

Question 37:

• JAMB 2010

In perfect competition,price is determined by the

A. Government
B. Sellers
C. Buyers
D. Market

Question 38:

• JAMB 2011

The optimal range of output for a perfectly competitive firm is

A. AC is lowest
B. AVC is lowest
C. MC is rising
D. MC is falling

Question 39:

• JAMB 2021

Which of the following is NOT a character of perfect competition?

A. Supply and demand are equal
B. Products are identical
C. There is perfect knowledge
D. There is no advertising