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. 


Which of the following best defines inflation? (WASSCE 2014)

A. Cyclical increase in prices
B. periodic increase in prices
C. persistent increase in prices
D. Occasional increase in prices

2. 


The demand curve for a firm operating under perfect competition is ______ (JAMB 2018)

A. downward sloping
B. vertical
C. horizontal
D. upward sloping

3. 



The optimum level of output of the firm is ______ (JAMB 2013)

A. BC
B. OB
C. OS
D. BS

4. 


A distinguishing characteristic of a perfect market is that there is ______ (JAMB 2015)

A. the absence of free entry and exit
B. preferential treatment
C. presence of heterogeneous goods
D. the absence of transportation cost

5. 


The shutdown point for a firm in a competitive market is ______ (JAMB 2015)

A. MR = MC
B. AR = MC
C. P = AC
D. P = AVC

 

 

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