Market Structures - Jamb Economics Past Questions and Answers

Question 41:

• JAMB 1986

A monopolist will practice price discrimination in two markets if?

A. The cost of separating the markets is large
B. The markets have different elasticities of demand
C. There is free flow of information in the two markets
D. There is a patent of the commodity

Question 42:

• JAMB 1987

Market is defined as?

A. One geographical location where people meet to buy and sell
B. The demand and supply of goods and services
C. A group of people whose sole interest is to make profit
D. Any organizational framework which links the buyers and sellers of a good and service

Question 43:

• JAMB 1987

Which of the following is compatible with a firm in a purely competitive market?

A. Demand is inelastic
B. Demand is infinitely inelastic
C. Marginal Cost is falling
D. Price is greater than Marginal Cost

Question 44:

• JAMB 1987

What form of market is found in an imperfect competition where there are few buyers and many sellers?

A. Oligopoly
B. Monopoly
C. Duopoly
D. Oligopsony

Question 45:

• JAMB 1987

Money market differs from capital market in that it?

A. Deals with short-term loans while capital market deals with long-term funds
B. Deals with money only while capital market deals with capital as well
C. Is limited in scope while capital market is not
D. Uses interest rate while capital does not