Assumptions and characteristics of Perfectly Competitive Market - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

In a perfect competition, the market price is determined by_______

A. The government
B. The producer
C. The consumer
D. The market supply and demand junctions

Question 2:

• JAMB 2018

An example of a market which approaches fairly near to perfection is____________

A. The retail market
B. The house market
C. The labour market
D. The foreign exchange market

Question 3:

• JAMB 2017

Completely competitive market exist when each member is a

A. Price maker
B. Price taker
C. Price seeker
D. A and b

Question 4:

• JAMB 2017

The equilibrium price clears the market; it is the price at which___________

A. Everything is sold
B. Buyers spend all their money
C. Excess demand is zero
D. None of the above

Question 5:

• JAMB 2017

Goods sold in perfectly competitive markets are generally

A. Homogenous
B. Intermediate and final
C. Durable and non-durable
D. Heterogeneous