Waec Economics Past Questions and Answers

Question 1221:

• WAEC 2011

A firm will shut down in the long run if its earning is

A. Less than normal profit
B. Greater than normal profit
C. Equal to super normal profit
D. Less than super normal profit

Question 1222:

• 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 1223:

• 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 1224:

• 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 1225:

• 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