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Economics 1987 JAMB Past Questions

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21
Which of the following is compatible with a firm in a purely competitive market?
  • A. demand is inelastic
  • B. demand is infinitely inelastic
  • C. Marginal Cost is falling
  • D. Price is greater than Marginal Cost
View Answer & Discuss (1) JAMB 1987
22
What form of market is found in an imperfect competition where there are few buyers and many sellers?
  • A. Oligopoly
  • B. Monopoly
  • C. Duopoly
  • D. Oligopsony
View Answer & Discuss JAMB 1987
23
To which of the following sectors do services belong?
  • A. Primary
  • B. Secondary
  • C. Tertiary
  • D. Construction
View Answer & Discuss JAMB 1987
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24
The liability of the sole trader is?
  • A. indeterminable
  • B. unlimited
  • C. transferable
  • D. limited
View Answer & Discuss JAMB 1987
25
Which of the following is NOT a type of business ownership?
  • A. Debenture holding
  • B. private company
  • C. Parnership
  • D. Joint Stock venture
View Answer & Discuss JAMB 1987
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