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JAMB and WAEC Economics questions: Market structures

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

AllJAMBWAEC
All topicsAgriculture in Nigeria · 30Business organisations · 29Economic growth and development · 30Economic systems · 28Economics as a science · 30Factors of production · 28Financial institutions · 30Industry and industrialisation · 30International economic organisations · 29International trade · 32Market structures · 31Methods and tools of economic analysis · 29Money and inflation · 34National income · 36Natural resources and the Nigerian economy · 30Population · 30Public finance · 31The labour market · 31Theory of consumer behaviour · 30Theory of costs and revenue · 33Theory of demand · 43Theory of price determination · 30Theory of production · 29Theory of supply · 32

  1. Question 1· Market structures· WAEC

    A market with only one seller is

    Explanation and discussion

  2. Question 2· Market structures· WAEC

    A market with a single seller of a product without close substitutes is

    Explanation and discussion

  3. Question 3· Market structures· JAMB

    A cartel is

    Explanation and discussion

  4. Question 4· Market structures· WAEC

    Under perfect competition, each firm is

    Explanation and discussion

  5. Question 5· Market structures· JAMB

    A market with a single seller of a product that has no close substitutes is

    Explanation and discussion

  6. Question 6· Market structures· JAMB

    In oligopoly, a kinked demand curve helps to explain

    Explanation and discussion

  7. Question 7· Market structures· JAMB

    Barriers to entry that protect a monopoly include

    Explanation and discussion

  8. Question 8· Market structures· WAEC

    A cinema charging students less than other adults for the same film is practising

    Explanation and discussion

  9. Question 9· Market structures· WAEC

    A market dominated by a few large sellers is

    Explanation and discussion

  10. Question 10· Market structures· WAEC

    A monopolist maximises profit where

    Explanation and discussion

  11. Question 11· Market structures· WAEC

    Product differentiation through brand names is a feature of

    Explanation and discussion

  12. Question 12· Market structures· JAMB

    A firm in perfect competition is a price taker because

    Explanation and discussion

  13. Question 13· Market structures· JAMB

    In perfect competition, the demand curve facing a single firm is

    Explanation and discussion

  14. Question 14· Market structures· JAMB

    In the long run, firms in perfect competition earn

    Explanation and discussion

  15. Question 15· Market structures· JAMB

    A monopolist's demand curve is

    Explanation and discussion

  16. Question 16· Market structures· JAMB

    Monopsony is a market with

    Explanation and discussion

  17. Question 17· Market structures· WAEC

    An oligopoly is a market with

    Explanation and discussion

  18. Question 18· Market structures· WAEC

    A market dominated by a few large firms, such as Nigeria's mobile telephone networks, is

    Explanation and discussion

  19. Question 19· Market structures· JAMB

    Which of the following is a barrier to entry into an industry?

    Explanation and discussion

  20. Question 20· Market structures· WAEC

    A market with only one seller of a product that has no close substitute is

    Explanation and discussion

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