The Theory Of Price Determination Jamb Economics Past Questions
Question 1
The determination of price by bargaining between buyers and sellers is________
- A. Sales by Auction
- B. Tender
- C. Higgling and Haggling
- D. Price Control
Question 2
| Output(kg) | 240 | 450 | 580 | 630 |
| MR(N) | 75 | 48 | -40 | -22 |
| MC(N) | 41 | 48 | 77 | 20 |
Given the table above, what is the firm's short-run profit maximizing output?
- A. 450kg
- B. 630kg
- C. 240kg
- D. 580kg
Question 3
The profit of a monopolist can be eliminated where price equals
- A. AFC
- B. MC
- C. AC
- D. AVC
Question 4
A monopolist can boost up his revenue by
- A. adjusting both price and output upward
- B. reducing total output to match price
- C. increasing price
- D. reducing price
