Imperfect Market - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

In the short-run, the monopoly makes_______

A. Normal profit
B. Abnormal Profit
C. Loss
D. Sales

Question 2:

• JAMB 2019

The demand curve facing the monopolist in the foreign market is__________

A. Elastic
B. Inelastic
C. Perfectly elastic
D. Unitary

Question 3:

• JAMB 2018

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

A. Marginal product
B. Marginal cost curve
C. Demand curve
D. Average cost curve

Question 4:

• JAMB 2016

The demand curve faced by a monopolist is_____?

A. Positively sloped
B. Vertical
C. Downward sloping
D. Negatively Sloped

Question 5:

• JAMB 2015

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

A. Price maker
B. Price taker
C. Price system
D. Price competition