Search SchoolNGR

Economics Past Questions and Answers

Jamb Economics Questions

Question 21:

One major difference between monopoly and perfect competition is that?

SchoolNGR Classroom

A The perfect competitor is a price taker while the monopolist determines his own output
B Homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
C Sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
D There is free entry and exist in perfect competition but no free exist in monopoly

View Answer & Explanation

Question 22:

A producer sustains a loss in the short run if

SchoolNGR Classroom

A Marfinal revenue is less than price
B Price is less than average cost
C Average variable cost is less than average cost
D Marginal cost is less than marginal revenue

View Answer & Explanation

Question 23:

A monopolist will practice price discrimination in two markets if?

SchoolNGR Classroom

A The cost of separating the markets is large
B The markets have different elasticities of demand
C There is free flow of information in the two markets
D There is a patent of the commodity

View Answer & Explanation

Question 24:

In the normal channels of distribution the breaking of bulk is performed by the

SchoolNGR Classroom

A Producer
B Wholesaler
C Retailer
D Consumer

View Answer & Explanation

Question 25:

The most important advantage of co-operative societies is?

SchoolNGR Classroom

A Their high degree of democracy
B The increase inthe cost of marketing
C That member are encouraged to save money
D The possibility of raising loans for the members

View Answer & Explanation

Stay Updated

Follow us on:

Subjects