Perfectly Competitive Market Jamb Economics Past Questions
Question 1
Which of the following is NOT a characteristic of perfect competition?
- A. Supply and demand are equal
- B. Products are identical
- C. There is perfect knowledge
- D. There is no advertising
Question 2
In perfectly elastic supply, the supply curve
- A. is vertical
- B. is horizontal
- C. slopes upward
- D. slopes downward
Question 3
Goods sold in perfectly competitive markets are generally
- A. homogenous
- B. intermediate and final
- C. durable and non-durable
- D. heterogeneous
Question 4
Completely competitive market exist when each member is a —
- A. price maker
- B. price taker
- C. price seeker
- D. a and b
Question 5
In a perfect competition, the market price is determined by_______
- A. the government
- B. the producer
- C. the consumer
- D. the market supply and demand junctions
