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466
One of the characteristics of an imperfect market is?
  • A. a large number of buyers and sellers
  • B. a lack of homogeneity of products
  • C. an adequate awareness of market conditions by buyers and sellers
  • D. the availability of substitutes
View Answer & Discuss (1) JAMB 1988
467
Total revenue is always equal to?
  • A. marginal revenue multiplied by the quantity sold
  • B. average revenue plus marginal revenue
  • C. marginal revenue multiplied by marginal cost
  • D. average revenue multiplied by the quantity sold
View Answer & Discuss JAMB 1988
468
If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?
  • A. not decrease in number
  • B. keep output at the same level but make losses
  • C. reduce production
  • D. intensity the advertisement of their products
View Answer & Discuss JAMB 1988
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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469
Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?
  • A. AVC=FC
  • B. MC=AVC
  • C. MC=AC
  • D. AC=AFC
View Answer & Discuss JAMB 1988
470
In the short run, the monopolistic competitors?
  • A. always makes profit
  • B. always incurs a loss
  • C. always breaks -even
  • D. may close down
View Answer & Discuss JAMB 1988
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