Market Structures
GCE Economics
11 Market Structures practice questions covering everything you need for GCE.
Drill Market Structures →Sample Market Structures questions
a) Define the term 'market structure'. (2 marks) b) Identify and explain FOUR characteristics of a perfectly competitive market. (8 marks) c) Explain why a firm under perfect competition is described …
a) Distinguish between monopoly and monopolistic competition. (4 marks) b) Explain FOUR ways in which a monopolist maintains its dominant position in the market. (8 marks) c) With the aid of a clearly…
In monopolistic competition, the demand curve faced by an individual firm is
A firm in a perfectly competitive market sells its output at ₦50 per unit. If its average total cost is ₦38 and it produces 200 units, what is its total profit?
The kinked demand curve theory is used to explain price rigidity in
Which of the following best describes a perfectly competitive market?
A profit-maximising monopolist faces a demand function where total revenue at 10 units of output is ₦800 and at 11 units is ₦847. If the marginal cost of the 11th unit is ₦50, the monopolist should
Price discrimination by a monopolist is possible only when
In the long run, a firm in monopolistic competition earns only normal profit because
Which of the following is NOT a characteristic of an oligopolistic market?
A monopolist is able to earn supernormal profit in the long run primarily because of