JAMB and WAEC Economics questions: Market structures

31 questions with answers and explanations. Tap an option to check yourself.

1. Question 21· Market structures· JAMB

   Monopolistic competition is a market with

   • Aone seller
   • Bmany firms selling differentiated products
   • Ca few sellers of identical products
   • Done buyer

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   Explanation and discussion

2. Question 22· Market structures· WAEC

   Many tomato sellers in a market sell identical tomatoes, and none can change the market price. This market is close to

   • Aperfect competition
   • Bmonopoly
   • Coligopoly
   • Dmonopsony

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   Explanation and discussion

3. Question 23· Market structures· JAMB

   A market dominated by a few large sellers, such as the mobile phone network market in Nigeria, is

   • Aperfect competition
   • Ba monopoly
   • Can oligopoly
   • Da monopsony

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4. Question 24· Market structures· WAEC

   Product differentiation is a feature of

   • Apure monopoly
   • Bperfect competition
   • Cmonopolistic competition
   • Dmonopsony

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   Explanation and discussion

5. Question 25· Market structures· JAMB

   A monopolist maximises profit at the output where

   • Aprice equals average cost
   • Baverage cost is lowest
   • Cmarginal cost equals marginal revenue
   • Dtotal revenue is highest

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   Explanation and discussion

6. Question 26· Market structures· WAEC

   In perfect competition, firms are

   • Aprice makers
   • Bprice takers
   • Cmonopolists
   • Doligopolists

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7. Question 27· Market structures· WAEC

   In perfect competition, a firm is a

   • Aprice maker
   • Bprice taker
   • Cmonopolist
   • Dcartel member

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   Explanation and discussion

8. Question 28· Market structures· JAMB

   A natural monopoly arises where

   • Aproducts are identical
   • Bthe government bans competition
   • Cthere are many sellers
   • Done firm can supply the whole market at lower cost than several firms

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9. Question 29· Market structures· JAMB

   Price discrimination is possible when

   • Athere are many sellers
   • Bmarkets can be separated and have different elasticities of demand
   • Cthe product is homogeneous
   • Dbuyers can resell easily

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10. Question 30· Market structures· JAMB

    Under perfect competition in the long run, firms earn

    • Asupernormal profit
    • Bonly normal profit
    • Closses
    • Dmonopoly profit

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11. Question 31· Market structures· WAEC

    A market dominated by a few large firms is

    • Aa monopoly
    • Ban oligopoly
    • Cperfect competition
    • Dmonopsony

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    Explanation and discussion