Market Structures Jamb Economics Past Questions
Question 1
An example of a vertical combination is the merger of_________
- A. a spinning firm and a wearing firm
- B. two meat retailing firms
- C. two very large wholesale textile distributors
- D. three secretarial employment agencies in one town
Question 2
Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________
- A. marginal product
- B. marginal cost curve
- C. demand curve
- D. average cost curve
Question 3
Individual markets differ from each other according to
- A. The degree of competition
- B. The volume of trade
- C. The number of buyers
- D. It's composition
Question 4
The demand curve faced by a monopolist is_____?
- A. Positively sloped
- B. Vertical
- C. downward sloping
- D. Negatively Sloped
Question 5
One of the unique features that distinguishes the perfect and imperfect market condition is _________
- A. profit motive principles
- B. absence of price control board
- C. price determines production and distribution
- D. number of sellers and buyers