Economics Practice Test – Market Structure (Questions with Answers and Explanations)

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Economics Practice Test – Market Structure (Questions with Answers and Explanations)

Hello and Welcome to Economics Practice Test - Market Structure

  1. You are to attempt 5 random objectives questions ONLY.
  2. Supply Your Full Name and Location in the text box below and begin immediately.
  3. You can attempt as many times as possible.
1. 


One of the unique features that distinguishes the perfect and imperfect market conditions is _____ (JAMB 2017)

A. profit motive principles
B. absence of price control board
C. price determines production and distribution
D. number of sellers and buyers.

2. 


A perfect competitor will continue to expand output up to the point where ______ (JAMB 2014)

A. MC > MR
B. TC > TR
C. MC < MR
D. MC < MR

3. 



The total revenue of the firm is represented by ______ (JAMB 2013)

A. OHEF
B. GHJC
C. EEJC
D. GHOB

4. 


Which of the following is obtainable in a perfect market? (WASSCE 2010)

(a) P = UR > AR
(b) MR = MC > P
(c) MR < P
(d) P = MR = MC

5. 


A firm will shut down in the long run if its earning is ______ (WASSCE 2011)

A. less than normal profit
B. greater than normal profit
C. equal to super normal profit
D. less than super normal profit

 

 

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