Waec Economics 2008 Past Questions and Answers

Question 21:

• WAEC 2008

the monopolist can determine

A. Price and output
B. Price only
C. Output only
D. Price or output

Question 22:

• WAEC 2008

A market situation with a larger number of firms selling closely related but, differentiated products is

A. Monopolistic competition
B. Perfect competition
C. Monopoly
D. Monopsony

Question 23:

• WAEC 2008

equilibrium under perfect competition requires that

A. MC = MR but AR < AC
B. MR = MC = AR = AC
C. AC = AR < MC
D. TR < TC

Question 24:

• WAEC 2008

The purely competitive firm should close down when its price is less than its

A. Average variable cost
B. Total fixed cost
C. Average total cost
D. Marginal cost

Question 25:

• WAEC 2008

During a sale by auction, the price at which the goods finally sold is determined mostly by

A. Competition between buyers and sellers
B. Competition among buyers
C. Competition among sellers
D. Government policy