Market Structures Jamb Economics Past Questions
Question 11
A discriminatory monopoly is characterized by
- A. a common elasticity in different markets
- B. different elasticities in different markets
- C. a finite elasticity in all markets
- D. zero elasticity in all markets
Question 12
The firm portrayed is selling in
- A. a purely competitive market
- B. a market in which demand elastic at all prices
- C. an imperfectly competitive markket
- D. a market in which companies produce homogeneous commodities
Question 13
A perfectly competitive firm is advised to close down when the
- A. price is below the marginal cost
- B. price is equal to the marginal revenue
- C. marginal revenue is equal to the marginal cost
- D. price is below the average variable cost
Question 14
The market structure in which there is interdependence of price-output policies is
- A. a pure monopoly
- B. an oligopoly
- C. a pure competition
- D. a monopolistic competition
Question 15
A firm operating at full capacity will have a
- A. perfectly inelastic supply curve
- B. perfectly elastic supply curve
- C. fairly elastic supply curve
- D. fairly inelastic supply curve
