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Economics 2011 WAEC Past Questions

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21

In which of the following markets does a firm have power to make super normal profits both in the short run and long run?

  • A. Monopoly
  • B. Duopoly
  • C. Oligopoly
  • D. Monopsony
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22

If there are no barriers to entering a market, it means that

  • A. anyone can become a buyer or a seller
  • B. unwanted goods can always enter the market
  • C. the market becomes a dumping ground
  • D. the goods are not inspected
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23

A firm's main aim is to

  • A. survive the business
  • B. maximize profits
  • C. increase its market share
  • D. satisfy the ambition of its managers
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24

One good reason for the elimination of middle men is that they

  • A. cause increase in price
  • B. help in price stability
  • C. grade and blend goods
  • D. are too many
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25

The increase in population growth in big cities is referred to as

  • A. settlement
  • B. migration
  • C. industrialization
  • D. urbanization
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