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

Goods sold in perfectly competitive markets are generally

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

Question 5:

• JAMB 2017

One of the unique features that distinguishes the perfect and imperfect market condition is _________

A. Profit motive principles
B. Absence of price control board
C. Price determines production and distribution
D. Number of sellers and buyers