Post Utme Economics Questions
Question 226:
A market structure with many buyers and sellers dealing homogeneous products is:
- A Monopsony
- B Monopoly
- C Perfect competition
- D Oligopoly
Question 227:
One major feature of monopoly is:
- A Free market entry
- B Many producers
- C Homogeneous competition
- D Single seller dominance
Question 228:
Total revenue is calculated as:
- A AVC × MC
- B Price × Quantity
- C Cost ÷ Output
- D Revenue − Profit
Question 229:
The point where demand equals supply is:
- A Market shortage
- B Excess demand
- C Price control
- D Market equilibrium
Question 230:
A rise in price causing quantity demanded to fall illustrates:
- A Elastic supply
- B Law of demand
- C Price fixing
- D Law of supply