Waec Economics 2011 Past Questions and Answers

Question 21:

• WAEC 2011

A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as

A. Perfect competition
B. Monopoly
C. Oligopoly
D. Imperfect competition

Question 22:

• WAEC 2011

In which of the following markets does a firm have power to make super normal profits both in the short run and long run?

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

Question 23:

• WAEC 2011

If there are no barriers to entering a market, it means that

A. Anyone can become a buyer or a seller
B. Unwanted goods can always enter the market
C. The market becomes a dumping ground
D. The goods are not inspected

Question 24:

• WAEC 2011

A firm's main aim is to

A. Survive the business
B. Maximize profits
C. Increase its market share
D. Satisfy the ambition of its managers

Question 25:

• WAEC 2011

One good reason for the elimination of middle men is that they

A. Cause increase in price
B. Help in price stability
C. Grade and blend goods
D. Are too many